Business

Oil at new records heights

There are serious concerns regarding the global supply of oil and that leads to a record prices. Since last year oil price keeps to run cold shivers down the back of Americans who saw it reaching records heights. On Tuesday their fear got shape again as light, sweet crude jumped to $114 a barrel on the New York Mercantile Exchange. At the pump prices went ahead, retail gasoline rising to a new record of $3.386, said the AAA and the Oil Price Information Service. Also diesel prices reached $4.119 a gallon, thus conditioning an increase food and other goods prices. According to analysts the situation is bound to worsen during the summer and the period preceding it. Mainly the new record was generated by the International Energy Agency, energy watchdog for industrialized countries, reporting that Russian oil production dropped 1 percent this year for the first time since 1998. To this there was added the decrease in the oil provided by Mexico with its three main oil-exporting ports on the Gulf Coast being closed due to bad weather. Another cause of the high oil price is the weakness of the dollar against foreign currencies that determines investors to turn to safe grounds like oil and gold. In addition, the supply disruptions also were considered to have contributed to the current increase of $113.99 a barrel. On other markets heating oil price decreased in favor of natural gas that rose 15.2 cents. Up to present day oil was traded in dollars, therefore it was thought that weaker the dollar becomes, higher the price of oil will be. Yet, economists argue that the influence is vice versa. The truth is that independently of the influence, the situation is getting darker and darker every day for US residents.

related story: http://news.yahoo.com/s/ap/20080415/ap_on_bi_ge/oil_prices;_ylt=AkPzVDAZSFwueCJ1BCmPkkCs0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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Edited by Iveta NAgyova

Labels: Business, CantellTV, Chris Cantell, Christopher Cantell, digital broadcasting, SigEx Foundry, SigEx Telecom

posted by Blog TechSource @ 3:28 AM