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We got the oil----They're just 'gouging' us again!
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#1
03.27.2008
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 We got the oil----They're just 'gouging' us again! Oil Prices Jump Above $106 a Barrel Thursday, Mar. 27 2008 Fox News SINGAPORE -- Oil prices rose to near $106 a barrel Thursday after soaring more than $4 in the previous session as lower U.S. fuel inventories and the further depreciation of the dollar spurred buying. U.S. stockpiles of gasoline and distillates, which include heating oil and diesel fuel, fell more than forecast last week, according to data released Wednesday by the U.S. Energy Department's Energy Information Administration. The EIA reported that U.S. refinery activity also dropped, which analysts attributed to some refiners cutting gasoline production due to low profit margins. Gasoline inventories are 9% higher than a year ago. "(Gasoline) stock levels are at a higher than normal level, so they've pulled back on production, and this is why we've seen a fairly sharp drop in (refinery) utilization rates," Pervan said. Valero Energy Corp. cut output at its Corpus Christi, Texas, refinery due to high supplies and falling demand, Dow Jones Newswires reported Wednesday. While gas prices are near records, they have not kept pace with crude's recent rally.  |
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