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$85 Oil
Oct 15, 2007 12:06:48 GMT -6
Post by redwolf on Oct 15, 2007 12:06:48 GMT -6
Oil Futures Hit New Record Above $85By John Wilen, AP Business Writer Crude Prices Surge As OPEC Estimates Supplies Are Falling While Demand Is GrowingNEW YORK (AP) -- Oil prices surged above $85 a barrel Monday for the first time after OPEC said crude production by non-member countries is likely falling even as global demand for oil is rising. Full story here: biz.yahoo.com/ap/071015/oil_prices.html
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$85 Oil
Oct 16, 2007 13:06:00 GMT -6
Post by redwolf on Oct 16, 2007 13:06:00 GMT -6
As Oil Gallops Along, Is $4 Gas Near?By Robert Campbell, Reuters NEW YORK (Oct. 15) - Stable gasoline prices over the last two months have shielded U.S. consumers from the impact of galloping crude oil prices, but drivers will face more pain at the pump if the cost of crude remains high into next spring. Retail gasoline prices have held in a tight range around $2.80 a gallon nationwide over the past two months amid a normal seasonal slowdown in road travel, even as the cost of crude oil has surged about 14 percent over the same period to a record over $85 a barrel. The stability in gasoline prices prompted U.S. Energy Secretary Sam Bodman last week to describe the U.S. economy as "remarkably resilient" in the face of surging oil prices. But analysts expect gasoline prices could rise to a never-before-seen $3.50 or $4 a gallon if oil prices hold near current levels into next spring when drivers hit the roads in greater numbers. That could further strain consumers already facing a housing slowdown. Full story here: money.aol.com/news/articles/_a/as-oil-gallops-along-is-4-gas-near/20071015163109990001?ncid=NWS00010000000001
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