News Flash: Oil Still Expensive
Amidst all the hoopla going on about the high price of oil, today's message seems to be "it's the market, stupid." In other words, get used to it. Oil stayed above $73 a barrel despite President Bush halting storing of oil in our national rainy day fund of oil reserves, killing environmental requirements for re-formulated fuel mixes and pushin' Congress on not droppin' pipelines in the Alaskan wilderness. Why? Lots of good reasons that won't make you feel any better. Read on...
Here at home we've got a shortage in refinery capacity, compounded by refineries knocked out by Katrina that are just now coming back on line and other facilities emptying out storage tanks to get ready for new cleaner-burning fuels. Then there's Nigeria, which is more unstable than its usual last-round-of-Jenga wobbly political state. And don't forget Iran. Oh, and Venezuela — and don't even get me started on Iraq. So there you go. But hey, good news is that gas is still cheaper in today's numbers than during the 1979 Iranian revolution. The bad news, wages haven't quite kept up with those inflation numbers for the vast majority of Americans. Hmm, flex fuel and hybrid tech is soundin' pretty nice right about now.
Oil steadies above $73 before inventory report [CNN Money]
Related:
Specter to Oil Companies: No Soup For You!, Gas Prices Are Feeling A Little Bit Bloated Today [internal]