The cost of crude oil approached record levels today as markets were unnerved by a Goldman Sachs report predicting a "super spike" in oil prices to $105 (£55.66) a barrel.
US light crude rose 38 cents to $55.78 a barrel, moving back toward March 17's record high of $57.60, while London's Brent crude climbed 61 cents to $54.90 a barrel.
The bounce in prices came after Goldman Sachs, one of the world's biggest traders of energy futures, issued a report yesterday saying that markets had entered a period in which strong demand and tight supplies could cause a "super spike" in prices. According to the report, energy prices will only return to lower levels once they hit a level at which demand weakens and spare capacity is created. ...
Demand for petrol in the US has been running 2% higher than last year over the past four weeks, despite record pump prices. The US energy information administration (EIA) reported on Wednesday that petrol stocks fell by 2.9 million barrels to 214.4 million barrels last week, the fourth decline in a row.
Meanwhile, the Financial Times reported that the International Energy Agency (IEA) is set to advise importers to adopt emergency oil-saving policies if daily global supplies fall by 1-2 million barrels. ...
According to the FT, a warning to set up "demand restraint policies" in the transport sector, such as driving bans or shorter working weeks, is contained in a study to be published next month during the annual IEA meeting of energy ministers.
I know that's the direction we're headed, but I'm pretty sure we won't get there this year.
I am guessing you have already seen this website: FUH2.com.
If you haven't, check it out; it is dead-on with regard to Hummers and the type of person who feels the need to drive one. I just don't get it. They are so ugly. I wonder how long it will be before the M-60 mount becomes a factory option.
By 3:11 PM, at
There's got to be a real sense of power, being able to block both lanes at the Apple Valley McDonald's drive through. Can't do that in a Civic.
Any predicted timeline on when the federal government will make us go back down to 55 mph on the highways?
By 11:36 AM, at
I'd wager it gets some consideration in the next Congress. Maybe they could have "fuel efficient vehicle" lanes on the interstates that allow vehicles that average 30 mpg or better on the highway to drive 10 mph faster than other cars.<< Home