Gasoline prices dropped to less than $3, after a $3.696 peak in April. The average price under $3 will be officially recorded on Saturday morning. People from all over the country post photos at the pump, that’s how surprised they are. Gasoline has not been this cheap since December 2010. A total of 1,409 days have passed since the price started with a 2. More than 60 percent of the gas … [Read more...]
Oil Price surges as chaos in Iraq raises fears for supplies
In the north and east of Iraq, Sunni-led militants are tightening their grip on towns and arising concerns that their advance south could put the output of the region's second-biggest oil producer at risk. According to reports the biggest weekly gain this year of Brent crude was when it hit dollars 114.69 on Friday i.e. its highest level since last September. Dollars 30 to the price could be … [Read more...]
Opec Balance Threatened By Iraq’s Violence, oil prices up and stocks down
The mayhem in Iraq may upset the balance of the most stable oil market leading to disruption in the price held stable for the last four years. Chaos flare-up on Wednesday in Iraq as militant forces moved closer toward Baghdad after seizing two key cities. Brent crude, a benchmark for international oils rose as much as 2.8% to $113.02, its biggest gain since August. The fighting confined to … [Read more...]
