No relief in sight
Some of the pleasure of my upcoming road trip has already been lost, even before I turn the key in the ignition.
The supposed laws of supply and demand and the Saudi's intention to cap oil prices not-withstanding, more bad news for those who need to fuel up their vehicles.
Oil prices on the Asian market have topped the $141 a barrel mark.
And Libya is considering cutting oil production this year.
Although the oil won't make it to the pumps until August, expect to see this new trading record be reflected much sooner than that.
Another factor driving oil prices: OPEC's president says crude could rise beyond $150 a barrel before the year ends.
--
Photo credit: http://www.flickr.com/photos/revtim/2599468478/
4 comments:
Here in the UK we ae being crippled by the rising cost of oil on a double whammy - the rising cost of oil per barrel, and the increase in taxes on oil by a greedy Government that can't keep its spending in check.
I have already changed the Jeep I had hired for my upcoming road trip in the US to a more economically model. There's no use wasting money, and there is no indication that even if the price per barrel stabilises that that saving will be passed on to the consumer.
Newt says release the oil reserves.
Larry Kudlow ways release the oil reserves.
What are we waiting for?
I hope it is not going to be a cold winter. I have already determined to reduce my daytime house temperature from 68 degrees to 65 degrees and my evening temperature from 65 degrees to 62 degrees. If oil continues to rise I will decrease the temperatures further. Will I be showering under icicles this winter?
Sylvia_Lovejoy
I'm really getting confused here Gary. I'm beginning to think my Economics teacher was all washed up and wrong! Like you said, law of supply and demand says prices should be coming down because demand is going down, while supply is going up.
But then again, I'm sure Big Oil will put some kind of spin on all of this. Where's Bill O'Reilly when we need him.
Dr. Rus
Post a Comment