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Wed, May 7th - 3:54PM

New Oil Record (Again)
Light, sweet crude for June delivery hit a new record of $123.56 in afternoon trading on the New York Mercantile Exchange today.

The high prices are effecting the price of gasoline.

In Canada the average price for unleaded gasoline was C$1.28 a litre.

In the United States, gasoline prices are back within a cent of the record $3.623 a gallon set last week, and are expected to rise to an average of $3.73 a gallon next month, according to the latest Energy Department forecast.

Some analysts predict gas prices in the USA could rise to a national average of $4 in the coming weeks.

Diesel fuel also rose today, adding half a cent to a national average of $4.242 a gallon, within a penny of the record of $4.251 set May 1st. While high gas prices are hitting consumers at the pump, high diesel prices are hurting them in grocery and retail stores by raising the price of shipping goods.




Comment (1)


Wed, May 7th - 8:59AM

OPEC members will likely earn over $1 trillion this year

OPEC earnings are forecast to skyrocket 57 per cent from last year's $674 billion to $1.06 trillion this year and then decline to $990 billion in 2009 after an expected contraction in oil prices, the Energy Information Administration said in its new forecast.

That is much higher than the EIA's estimate at the beginning of the year that OPEC would earn $850 billion from oil shipments in 2008. On a per-capita basis, OPEC's oil export revenue will rise 55 per cent in 2008 to $1,769 from $1,143 last year, the EIA said. OPEC members are benefiting strong global oil demand and skyrocketing crude prices, during which oil prices topped a record $122.73 a barrel this week.

Even though U.S. oil demand is expected to decline by 190,000 barrels a day this year because of high energy prices and a weak American economy, the EIA forecasts that global oil consumption will rise by 1.2 million barrels per day in 2008.


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Comment (1)


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