WILL OIL COSTS KEEP CREEPING UP?
From the AP, May 4th
Signs of increasing energy demand in China, the world's second largest consumer, pushed oil above $54 a barrel Monday, but concerns over the state of the economic recovery and the spread of the swine flu continue to hold prices in check.
It's a completely different energy landscape heading into this summer.
Retail gasoline is nearly 43 percent cheaper now than it was last May and natural gas, used to heat and cool homes, is close to seven-year lows.
People are already driving much less than they were last year, even when gasoline prices were soaring. Now fears of a pandemic may be affecting consumer travel, and that could pressure fuel prices further.
Decisions on the personal level have already played a part in measurable repercussions for the energy market.
The level of unused crude placed in storage hit an 18 1/2-year high for the third straight week, according to a government report last Wednesday.
That is helping to depress prices for diesel, gasoline, jet fuel and other products made from crude. Refineries are cutting way back on production of gasoline with demand continuing to fall.
Signs of increasing energy demand in China, the world's second largest consumer, pushed oil above $54 a barrel Monday, but concerns over the state of the economic recovery and the spread of the swine flu continue to hold prices in check.
It's a completely different energy landscape heading into this summer.
Retail gasoline is nearly 43 percent cheaper now than it was last May and natural gas, used to heat and cool homes, is close to seven-year lows.
People are already driving much less than they were last year, even when gasoline prices were soaring. Now fears of a pandemic may be affecting consumer travel, and that could pressure fuel prices further.
Decisions on the personal level have already played a part in measurable repercussions for the energy market.
The level of unused crude placed in storage hit an 18 1/2-year high for the third straight week, according to a government report last Wednesday.
That is helping to depress prices for diesel, gasoline, jet fuel and other products made from crude. Refineries are cutting way back on production of gasoline with demand continuing to fall.
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