West Texas
Increasing Oil Costs Powered By Worldwide Climate, Industry And Politics
At $90 a barrel, crude oil costs were higher Tuesday than they have been for 26 months. Gas and oil costs have been increasing for numerous reasons. A money eroding in value and harsh winter weather are the main drivers. Tuesday’s Bush tax cut deal and growing speculation in crude oil markets are also pushing up oil and gas prices.
Oil costs going up to 26-month high
The West TX Intermediate (WTI) crude oil price Tuesday climbed above $90 a barrel for the first time since Oct 2008. The WTI crude oil is also called Texas light sweet crude and is traded as a commodity as oil futures on the New York Mercantile Exchange (NYMEX) which determines oil pricing. The Energy Department explained that crude oil futures went up. At the same time, U.S. inventories declined a bit. There is likely to be less demand especially considering over six weeks the oil inventories went down 40 million barrels. The National Weather Service reports the week ending Dec. 11 called for 16.3 percent more heating oil within the United States than normal. In Europe, below normal temperatures are driving above normal energy demand.
The Bush tax slashes and oil costs
President Obama agreed to a two year extension of all of the Bush tax slashes in exchange for unemployment getting extended and the payroll tax getting cut in 2011 2 percent which made WTI crude oil prices go up. Oil prices and oil corporations look a bit better if the economic recovery happens, which some investors suggest will happen using the Bush tax slashes. There is less value being put to the money now using the Federal Reserve monetary. This is bad because crude oil prices have only been controlled because of the strong dollar. WTI crude oil futures have been bought by a lot of traders too trying to hedge against the declining currency making prices go up.
2011 gas prices ridiculous
Within the last three months, wholesale gas futures have been pushed by speculators by 55 cents a gallon. Within the past week, national gas prices went up more than 10 percent. The trend will likely continue in the U.S. OPEC’s governor, an Iranian, said the rise in oil price doesn’t yet compensate for the fall in the dollar and that oil will soon reach $100 a barrel. In 2011, gas will likely approach $4 a gallon, according to energy analysts.
Articles cited
International Business Times
ibtimes.com/articles/89539/20101207/crude-oil-breaks-above-90-as-obama-agrees-to-extend-tax-cuts-wti.htm
Bloomberg
bloomberg.com/news/2010-12-07/oil-trades-near-26-month-high-on-forecast-of-decline-in-u-s-crude-supply.html
Reuters
reuters.com/article/idUSN0732290620101207
West Texas: A Road Journey
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