Add Reply
Add Comment As A Guest
Close Topic OptionsThe Price Of Oil - Page 49 of 81
It is my belief that the price of oil sparked - Page 49 - Politics, Business, Civil, History - Posted: 10th Mar, 2009 - 2:35pm
Posts: 647 - Views: 69114
Gas Prices Go Up and Up and Up - Global Fuel - A lot of North Americans complain about the high price of Gasoline, but did you know that North Americans pay less than many other developed nations for Oil and Gas?The Price Of Oil - Page 49
Here's an interesting piece about why the price of gas per barrel is falling and yet pump prices are rising.
| QUOTE |
| Crude oil is getting cheaper - so why isn't gas? By CHRIS KAHN and JOHN PORRETTO, AP Energy Writers Chris Kahn And John Porretto, Ap Energy Writers - Sun Feb 15, 9:07 pm ET NEW YORK - Crude oil prices have fallen to new lows for this year. So you'd think gas prices would sink right along with them. Not so. On Thursday, for example, crude oil closed just under $34 a barrel, its lowest point for 2009. But the national average price of a gallon of gas rose to $1.95 on the same day, its peak for the year. On Friday gas went a penny higher. To drivers once again grimacing as they tank up, it sounds like a conspiracy. But it has more to do with an energy market turned upside-down that has left gas cut off from its usual economic moorings. The price of gas is indeed tied to oil. It's just a matter of which oil. The benchmark for crude oil prices is West Texas Intermediate, drilled exactly where you would imagine. That's the price, set at the New York Mercantile Exchange, that you see quoted on business channels and in the morning paper. Right now, in an unusual market trend, West Texas crude is selling for much less than inferior grades of crude from other places around the world. A severe economic downturn has left U.S. Storage facilities brimming with it, sending prices for the premium crude to five-year lows. But it is the overseas crude that goes into most of the gas made in the United States. So prices at the pump will probably keep going up no matter what happens to the benchmark price of crude oil. "We're going definitely over $2, and I bet we'll hit $2.50 before spring," said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. "This is going to be an unusual year." On the last day of 2008, gas went for $1.62 on average, according to the auto club AAA, the Oil Price Information Service and Wright Express, a company that tracks transportation data. |
At the pump in my area, the average is $2.279 -- up from $1.999 in December.
International Level: Ambassador / Political Participation: 595 
59.5%
Sponsored Links:
The Price Of Oil
From today: Oil Future: $47.21 +1.69. That is scary, the price per barrel is increasing fast. I'm not liking this at all. This means a lot of needless costs put towards basic necessities.
International Level: International Guru / Political Participation: 3231 100%
The Price Oil - Page 49
OPEC is meeting soon, which generally bumps up the price per barrel until they speak about it afterward. I'm sure we'll have a steady increase on the way to summer driving, with a spike for spring break.
International Level: Ambassador / Political Participation: 595 59.5%
Post Date: 10th Mar, 2009 - 2:35pm / Post ID: #
The Price Oil Politics Business Civil & History - Page 49
It is my belief that the price of oil sparked this economy issue that we are facing. People had a choice pay for gas and food or pay for their home. Now that they have some relief the gas is going to go back up and that is going to make this economy fall hard and fast. That is just my opinion though.
TOPIC: The Price Of Oil