US Energy Sec, Dr. Steven Chu, doesn’t think so.
Wide swings in oil prices are difficult for industries to manage and the U.S. government is concerned about another price spike, Chu said.
Even $80 oil is making him nervous.
“We’ve repeatedly said what the world wants and needs is stable prices,” Chu said. “They have been inching up recently and it’s a little bit concerning.”
We’d be doing some hedging here instead of counting on Dr. Chu to do it for us.
Retail gas prices fell overnight to the lowest of the year (a month and 1/2 - bit whoop) but don’t get too comfortable. Crude prices are up
Experts say you should look for $3 gas this summer, just about the time you and everybody else is ready to get out on the road!
Just saw an AP article saying oil prices fell yesterday the minute Ben Bernanke started to describe his vision of what’s to come as far as Fed moves go. Raising interest rates in the coming months would lead to a stronger $.
“On this word from Bernanke the dollar went up and brought crude prices down,” said PFGBest analyst Phil Flynn. “We live and die by (his) every word and syllable.”
Now, Phil Flynn knows what he’s talking about when it comes to oil, but really! Gas prices dropped $0.003/gal (that’s 3 one-thousands of a cent) overnight to $2.641/gal.
Soldier on, consumers.
Not as bad as you think.
Oil prices were up then down then up again to $72.85/barrel on Jan 29. EIA expects oil to rise to $81/barrel the 2nd half of 2010 and $84 in 2011.
EIA expects average regular gas prices to go up from $2.35/gal. in 2009 to $2.84/gal. in 2010 and $2.97/gal. in 2011. That’s just the average. Could go over $3/ gal. in spring and summer.
If you’re interested in other energy prospects, take a look at the whole article.
Pump Girl has returned from hiatus. Missed all of you!!
I had the weird experience of visiting Orlando the 1st week of Jan to find temps colder there than they were in Chicago. Yikes!! All you space heater salesmen missed the boat. Every single store in the area (probably the whole state) was sold out of space heaters.
Little tip here: insulation, insulation, insulation. Even if you don’t think you need it