Washington - U.S. demand for oil and refined products — including gasoline — is down sharply from last year, so much that United States has actually become a net exporter of gasoline, unable to consume all that it makes.
Yet oil and gasoline prices are surging.
On Tuesday, oil rose past $106 a barrel and gasoline averaged $3.57 a gallon — thanks again in no small part to rampant financial speculation on top of fears of supply disruptions.
The ostensible reason for the climb of crude prices on the New York Mercantile Exchange, where contracts for future delivery of oil are traded, is growing fear of a military confrontation with Iran in the Persian Gulf's Strait of Hormuz, through which 20 percent of the world's oil passes.
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6 comments:
Is not something wrong with this picture? We go over there and get killed for saying the name of Jesus or carrying a bible? But they make our country appologize for burning a Koran??
I know I just heard obama say that the consumption is the highest it's been in either 8 or 11 yrs. I can't see how we are using more when for most working Americans it's a choice of gas or food. I my self onlydrive when I have to and all my trips are planned to make the most of my outing, no more are the days of going for a 'Sunday Drive'!
Anon 7:03 Don't you know Obama lies everytime he opens his mouth. You can always tell when Obama is lying because his lips are moving.
10:03 and 10:45, are you stupid or do you just deliberately misrepresent everything in order to try to prove a political point. WORLD consumption is high due to international demand, especially in China and India. Get over yourself. Sorry, but you are no longer the center of the universe.
seems like we used to have gas prices slightly below the national avg. Now that are equal or more???
speculation is all part of the free market
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