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Oil and gas prices on the rise again



Published: Thu, July 7, 2011 @ 3:00 p.m.

A funny thing happened on the way to lower oil and gasoline prices: They went up.

Two weeks after the U.S. and other oil-importing nations took action that knocked down the price of oil to almost $90 a barrel, it's back around $100. And gas pump prices, which had dropped since May, are up about a nickel since Friday.

Oil is rising again as investors bet that the economies of many countries, including the U.S., will improve in the second half of the year, and global demand for petroleum will rise.

Benchmark oil for August delivery rose $1.88 to $98.53 a barrel in afternoon trading on the New York Mercantile Exchange. Brent crude gained $4.07 to $117.69 per barrel on the ICE Futures exchange.

Higher oil prices mean higher gas prices. The national average pump price rose 1.4 cents today to $3.583 a gallon, according to AAA and the Oil Price Information Service. That's up 4.2 cents from a week ago but still 86 cents more than a year ago.


Comments

1CCADTI(80 comments)posted 3 years ago

And our overbearing government doesn't want any more drilling unless you're drilling from and for another Country. In the meantime everyone here pays and pays and pays. People think the economy is getting better? Amazing how easy it is to pull the wool over people's eyes.

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2Stan(9923 comments)posted 3 years ago

Just chant four more years . . ..

http://images4.cpcache.com/product/52...

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3life2g(19 comments)posted 3 years ago

The article states that gas prices are up about a nicklel since Friday.

Someone should tell that to the operator of the Shell station at Western Reserve and South Avenue. Their price was $3.49 for about a week and jumped ten cents today.

Over the past month, as prices were falling, I noticed that prices at numerous stations in the Salem area were consistently nineten cents per gallon cheaper than the prices at the stations close to where I live in the Boardman / Poland area.

The big difference in prices for areas that are not far apart doesn't make sense.

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