Your daily update on record oil prices: $110 per barrel
Lately, record oil prices have been a daily topic here on AutoblogGreen because every day the old record, set the previous day, is being beaten out by the day's closing price. Guess what? We're back at it today. That's right, a barrel of oil passed the $110 plateau for the first time ever. This latest price increase comes despite there being a surplus of oil available, which caused a brief dip in oil trading prices early in the day, and the fact that the demand for gasoline has remained mostly flat as of late.
These high crude oil prices have led to the highest ever average price for a gallon of regular-grade gasoline at $3.246 a gallon. Many "analysts" are attributing the cost spike to the weak dollar, which is causing investors to buy commodities at a higher-than-normal rate. Whatever the reason, perhaps the situation will scare more consumers into taking fuel efficiency more seriously when considering their next automobile purchase. If it's not time for a new car, there are always these tips to keep in mind.
[Source: CNN Money]
Reader Comments (Page 1 of 1)
meme 11:36PM (3/12/2008)
"Whatever the reason"? They just told you the reason. And do we really have to have a new post every other day on this subject? How about only posting when there's some actual *news*?
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rgseidl 4:26AM (3/13/2008)
In Euro terms, the price of oil has also gone up massively since 1999. However, the numerical gap with US dollar prices per barrel has gradually widened since 2002, with marked acceleration in the past six months.
http://www.eurotrib.com/?op=displaystory;sid=2008/3/12/143238/164
The gap is a direct consequence of the falling dollar, which itself is a direct consequence of years of excessive money supply and reckless lending practices in the US mortgage market. To some extent, US consumers are simply paying the price for having allowed each other to live above their means for too long.
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Mike J 8:06AM (3/13/2008)
I hope prices for oil and gas keep going up. If gas gets over $4.00 a gallon, more people will want small cars. Then hopefully some of the excellent small cars sold elsewhere in the world will make their way to the states.
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Tim 8:47AM (3/13/2008)
This trend is JUST beginning. Wait until the summer travel season arrives and we attack Iran.
Can you say $250/bbl?
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TX CHL Instructor 8:48AM (3/13/2008)
"To some extent, US consumers are simply paying the price for having allowed each other to live above their means for too long." -- rgseidl
Almost...
A history lesson: In the 60's, LBJ pursued a costly war with a "guns and butter" approach. The result was severe inflation in the 70's. Anybody see a parallel with today's invasions of a couple of mideast countries? The major difference is that today's military expenditures are a larger percentage of GDP, so the resulting inflation is going to be worse.
This isn't higher math; it's just arithmetic.
War is bad for republics. Even "justified" wars.
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vtiman 8:38PM (3/13/2008)
think you got it bad what about UK petrol price hits £5 a gallon
Thursday, March 13, 2008
• Cherwell services charging 110.9p a litre
• National average closes on £5 mark
• Price of UK fuel has risen 60% in 10 years
source http://www.whatcar.co.uk/news-article.aspx?NA=231742
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