| Submit your comments on this article |
| Home Front Economy |
| Oil prices fall for second day |
| 2009-02-12 |
| Oil prices have fallen for the second day after new government data showed surging crude stockpiles and low demand in the US. On Wednesday, New York's light sweet crude for March delivery shed 1.61 dollars from its closing price on Tuesday to 35.94 dollars per barrel. Brent North Sea crude for delivery in March fell 33 cents to 44.28 dollars a barrel in London. The US Department of Energy (DoE) said in a report on Wednesday that American crude stockpiles soared by 4.7 million barrels in the week ending February 6. That was higher than market expectations of a 3.0-million-barrel gain. Oil prices remain at weak levels after posting record highs above 147 dollars last year following fears of supply disruptions. |
| Posted by:Fred |
| #4 swksvolFF You hit the nail on the head. When we went on water rationing a few years ago, the same thing happened, they raised the rates to cover costs. When we went off rationing the rates stayed up. Now we are on rationing again a I expect another raise in rates any day. |
| Posted by: GolfBravoUSMC 2009-02-12 13:01 |
| #3 Friend and I were having a discussion about this last night. Thesis was that as people drive less the price of gas goes up so that companies can make payroll/maintenance expenses. Already see it with less traffic on turnpikes equaling increased fares. The commuters (middle class?) takes this hit. Second was that if *snap* everyone is 5% more energy efficient in buildings the electicity rate would increase so they could make payroll/maintenance. |
| Posted by: swksvolFF 2009-02-12 11:22 |
| #2 You can thank Congress for some of that : "special blends" for anti-smog worries, and the fact that certain refineries have been running flat out and are now shutdown for maintenance. Believe me, you WANT refineries to have their maintenance -- otherwise, all sort of nasty and even catastrophic accidents start happening. |
| Posted by: Shieldwolf 2009-02-12 03:49 |
| #1 yet the price of refined gasoline continues to rise and my local pump prices jumped almost fifteen cents in the last 48 hours. |
| Posted by: Helmuth, Speaking for Thromong2805 2009-02-12 00:32 |