July 11th, 2008 @ MReed // No Comments
Oil prices were up slightly Thursday, and seem to be back on the up and up after recently falling almost $10 a barrel. Tension in the Middle East seem to drive price analyses higher, while what appears to be slowing demand keeps some analysts guessing that the price of oil may have, [dare we say it?] “peaked.”
Crude oil traded at 137.63 up $1.58 a barrel over Wednesday’s numbers. Perhaps this indicates that oil is back on the rise. However, some investors seem skittish, pointing out the failing US economy as reason for a possible down turn in crude oil prices.
People simply aren’t traveling as much. Drivers are using less gas, truckers are parked, and airline prices are way up, keeping a large number of travelers grounded. According to a report released Wednesday by The US Energy Department demand for oil was down in June by 2.1 percent, or 9.3 million barrels, when compared with numbers during the same time last year. They sited the main reason of falling consumption levels to be the $4 a gallon price tag on consumer gasoline in the US.
Up or down? As much as we all, hope that prices have reached their peak, and are ready to turn back down, this writer, for now, will have to say: “I’ll believe it when I see it!”
Tags: oil prices, trucker news, trucking news
