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Last year at this time, New Haven area drivers gassing up their cars for the long holiday weekend were paying an average of $3.23 a gallon for regular gas. This year, prices are 25 percent higher, with New Haven area pumps charging an average of $4.04 a gallon. Those prices, reported Wednesday by AAA on the same day crude oil broke through the $130-a-barrel threshold for the first time, mirror gas price trends throughout Connecticut and the nation.
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The price of crude oil shot back up over $100 a barrel this week for the first time since spring, yet gasoline prices at the pump remained steady. It was an anomaly," said Duquesne University professor Kent Moors, who directs the university's Energy Policy Research Group.
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NEW YORK -- Investors are seeing a jump in oil as reason to snap up stocks in the final days of the second quarter. Energy, industrial and materials stocks pulled the market higher in light trading Monday as investors looked to put money into areas that would benefit from an economic recovery. Crude rose $2.33 to settle at $71.49 a barrel on the New York Mercantile Exchange after China said it would boost oil reserves and Nigerian militants partly shut down an offshore oil platform.
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Alaska Trends for November 2007
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OIL prices are slated to go up again ... how does this augur for those with interests in equities? WHAT'S UP with oil prices again? Of late, the price of crude oil has risen to its highest since the 2008 Financial Crisis at US$ 91.55/barrel on Jan 3, 2011. In perspective, the price of crude oil averaged US$ 79.6/barrel in 2010, 28.1% higher compared with that in 2009. Nonetheless, this increase was lower than that in 2004 (33.8%), 2005 (36.7%) and 2008 (37.8%) (see Figure 1).
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The International Energy Agency said Wednesday its demand forecasts remain largely unchanged at 85.9 million barrels per day for 2007, but a slipping U.S. economy could lower its crude oil price forecast for next year. In its monthly Oil Market Report, IEA said its 2007 U.S. forecast faces downside risk, "which would be negative for crude oil prices, and thus our $65/bbl forecast for next year may prove too high.
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SANTA ANA, Calif., Jan. 11, 2011 /PRNewswire/ -- In December 2010, gasoline prices hit an average of $3 per gallon and are expected to reach $4 or more per gallon. Crude oil is the biggest component, and accounts for about 71% of the price of gasoline as of November 2010, based on an International Energy Agency (IEA) estimate. Roughly, for every one dollar increase in the per barrel (42 gallons) price of oil, gasoline prices rise 2.5 cents per gallon. So, a ten-dollar rise in crude price per barrel would add about 25 cents at the pump, not accounting for other components. Since the crude oil price is expected to go to over $100 per barrel, it is likely gasoline prices will increase to between $3.50 - $4.00 per gallon. Currently, the international trend is that "Oil Consumption" is stead...
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NEW YORK - A nine-month rally in oil prices appeared to falter as a gradual sell-off that began in late October gained momentum. Crude prices declined Friday for the eighth day in a row. The contract for January delivery gave up 67 cents to settle at $69.87 a barrel on the New York Mercantile Exchange. It's the first time that oil has closed below $70 a barrel since early October.
