Wednesday, July 20, 2011

Oli Prices Rise as US Supplies Drop

Just getting used to (slightly) lower oil prices? Don't get used them them!

How high will gas prices go in the US by the end of the summer? $4? $4.50? $5?  Your guess in the comments below.
Crude oil climbed for a second day after a report showed that US supplies dropped as refineries bolstered fuel output and on speculation that European leaders will agree on steps to address the region's debt crisis.

Oil rose 0.7 per cent after the Energy Department said stockpiles fell 3.73 million barrels to 351.7 million last week. Analysts surveyed by Bloomberg News forecast a decrease of 2 million. Refineries operated at 90.3 per cent of capacity, an 11- month high. European officials meet tomorrow to break a deadlock over a new Greek rescue plan.

"The crude number was very strong," said Phil Flynn, vice president of research at PFGBest in Chicago. "Refineries are operating at the highest rate this season, which suggests there is pretty strong demand somewhere. It looks like US refineries are producing a great deal of fuel for export."

Oil rises as US supplies drop

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Breaking US Dollar Collapse News

What's Behind the Decline of the US Dollar?

This is one the of the best and simplest explanations we have seen:
The U.S. dollar's downward slide is accelerating as low interest rates, inflation concerns and the massive federal budget deficit undermine the currency. - Wall Street Journal, April 23, 2011
Interestingly, the Federal Reserve is responsible for, or an active participant in all three of these factors.