Oil prices have jumped by $14 a barrel in the last 30 days while gas prices have declined by a dime.
Today, UCAN's Gas Project at www.fueltracker.com reported a slight rise in the price of gasoline this morning of one-tenth of a penny to an average of $2.168 a penny.
"It isn't much," says Charles Langley, Manager of UCAN's Gas Project, "but it is statistically significant and represents the reversal of a steady price decline that started on February 19, 2009." At that time, says Langley, gasoline in San Diego averaged $2.285 a gallon.
On Thursday of last week, Arco/British Petroleum reported a problem with its Carson refinery.
A combination of fear and a bullish oil market, which sent oil to almost $54 a barrel this morning helped the Los Angeles spot market for surplus gasoline surge by 23¢ since in the last four days.
Meanwhile, the cost of oil has climbed from less than $40 a barrel on the 19th of February, to a closeing price of $53.80 a a barrel today.
Put another way, at $53.80 on a cost per gallon basis, oil has increased from 95¢ a gallon to $1.28 a gallon - a jump of 33¢ cents a gallon, while at the same time, gasoline prices decreased by 11¢
For more information of background, reporters can call UCAN at (619) 696-6966
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The oil patch hasn't slowed
The oil patch hasn't slowed up too much yet from the drop in oil prices. Companies don't adjust their pricing forecast based upon short term swings in prices. Even when prices hit $147 most operators were using $70 -80/bbl in their forecast. And even then many dropped prices around 10% for years 2 and 3 with a minor inflation rate afterwards. We tend to use a yearly average price in running our economics. I would suspect most companies have dropped their price some lately. A few, like my client, are considering slowing up drilling activity some but even with that we'll still be running at record levels. Truthfully, a little slow up wouldn’t hurt. It might help drop rig and steel rates some. These factors have started cutting into the bottom line pretty good the last 6 months. Now if prices stay down here through the winter that would be a different matter. But as far as a significant slowdown in drill I would attribute much of that to the credit crisis more so then oil pricing. best wishes, research papers