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News :: Economy |
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Gas Price Increase Imminent |
Current rating: 0 |
by Joe Futrelle
Email: futrelle (nospam) shout.net (verified) |
10 Mar 2005
Modified: 08:42:59 AM |
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Oil futures retreated sharply today in early trading, driven by a report from China indicating a slowdown in imports, but remained just shy of all-time records. |
Spot prices for oil-related commodities remain in record territory, with Brent crude and unleaded gasoline at all-time highs.
Wholesale gasoline @ New York harbor is $1.44/gal, up about 30% from a year ago. Retail gasoline is currently averaging $2.04/gal. That will likely increase as the recent spike in crude works its way through the distribution chain.
Hummer sales fell sharply last year, but the introduction of the H3, which gets slightly better gas mileage than the H2, may halt the continuing plunge.
In other news, the sun continued to shine and the wind continued to blow, but organic material did not decay fast enough to renew the world's supply of fossil fuels. |
See also:
http://www.gaspricewatch.com/usgas_index.asp
http://www.thecarconnection.com/index.asp?article=7366
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This work is in the public domain |
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Re: Gas Price Increase Imminent |
by Joe Futrelle
futrelle (nospam) shout.net (verified) |
Current rating: 0
11 Mar 2005
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Oil fell sharply for two days but is starting to rise again today in afternoon trading. |
