| FINDING DEAL$ ON GA$OLINE: |
Posted on 05/29/2005 12:05:19 AM PDT by Crackingham
Oil hit $51.90 a barrel in midday trading yesterday, up $5 from the same time last week. Oil is once again heading skyward despite OPEC pumping almost flat out and the opening of a new pipeline linking Central Asia with Europe this week that should create an alternative supply of oil for the West. What is driving this latest spike? The first and obvious reason is that demand is still exceeding supply, particularly in the booming markets of the Far East. Second, the U.S. driving season is looming, with a long summer ahead and plenty of SUVs on the roads guzzling gas. But is this week's rise a blip or are prices likely to continue to soar to April's peak of $58, or even surpass it?
The overall opinion of oil industry experts in a recent Deutsche Bank report was, hold onto your seats, oil will rise again. These claims seemed spot-on this week when oil started to climb amid speculation the European Union could slap sanctions on Iran unless the Islamic Republic suspends its nuclear program.
But by Thursday, the potential nightmare of sanctions on OPEC's second largest oil producer was scuttled by the U.S. lifting objections to Iran applying for WTO membership. Nevertheless, oil continues to rise.
Hmmm, I wonder if this will affect my PFD this year?
http://www.apfc.org/theapfc/faq.cfm
| FINDING DEAL$ ON GA$OLINE: |
Thanks. I always fail to use this and it costs me. Right down the block, gas is $0.20 per gallon LOWER price!
Here is another article which may shed a little light on current rising crude & unleaded prices.
Crude Oil Rises for Fifth Day as U.S. Refineries Boost Gasoline Production
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