Fuel Price Increase [Merged]

[cyberdoc95]

WAAAH! Baka aabutin pa ng 32 yung gasolina! Tapos may balak dadagan ng 3 pesos yung pamasahe sa jeepney. Paano na 'to? Summer daw mag-peak yung demand. Pati yung kano kumakamot na ng ulo.

Oil hits record above $56

Sharper-than-expected drop in gasoline and heating oil inventories sends energy prices soaring.
March 16, 2005: 4:28 PM EST

NEW YORK (CNN/Money) - Oil prices hit a record high Wednesday after a report showed sharper-than-expected declines in gasoline and heating oil inventories.

Crude oil for April delivery jumped $1.41, or 2.6 percent, to close at $56.46 a barrel in New York, after reaching as high as $56.60 -- well above the previous record close of $55.17 set on Oct. 22 and the record trading high of $55.67 set on Oct. 25.

The EIA also raised its forecast for 2005 global oil demand to 84.3 million barrels a day and said the growth in demand, especially in China and the U.S., is responsible for the current high prices.

"I think this price move has been justified," Phil Flynn, senior market analyst at Alaron Trading told CNN/Money. "Demand in the world will probably hit the highest level in 30 years this summer."

In a news conference Wednesday, President Bush said he was "concerned about the price of energy" and its dampening effect on the economy.

"Demand is outracing supply and supplies are getting tight," Bush said.

Malamang aabot na nga sa ganyan! Just gassed-up earlier today before going to work. Increase ng 10 cents/gallon..

[NdoymaN]

pucha, kung pwede lang isabay sa hangin tsikot ko para makatipid.. heheh.. wala kayang bad effect kung palaging naka neutral ako pag free naman yung daan? yung pag nafeel ko ng mabilis nako tapos sabay neutral... okay lang ba yun? fara tifid!

[Karding]

$2.55/gal on premium

[luckytruck]

i wonder if americans will shy away from their V8s to V12s now that the prices of gasoline are getting out of hand?

[GlennSter]

luckytruck: i doubt...herhehrehrehr

greabe na talaga....balak ko pa naman magpalit to gas engined vehicle....darrrrnnn

[ssaloon]

palit na yan glenn! welcome to the dark side

[GlennSter]

herherherh....madami dami pa naman akong free gas cards dito..herhehrehr

[luckytruck]

bigay mo na yan sa amin pare

andy

[falken]

From ABS-CBN news

Oil surges to record despite OPEC hike

NEW YORK - Oil prices vaulted to record highs on Wednesday after an OPEC agreement to boost world crude output failed to soothe fears over runaway energy demand growth from China and India.

The spiking energy costs have doomed US motorists, among the world's most voracious fuel consumers, to the highest nominal pump prices ever seen and raised concern at the White House and on Wall Street over oil's impact on the economy.

"I am concerned about the price of energy," US President Bush told reporters at a White House press conference. "I'm concerned about what it means to the average American family when they see the price of gasoline going up."

US crude futures struck $56.50 a barrel, the highest level since the contract began trading in 1983, before settling up $1.41 to $56.46. London Brent hit a peak of $54.95 before ending up 95 cents to $54.80 .

The jump in oil prices, which can hurt corporate profits and dampen the consumer spending, helped US stocks slip Wednesday, with the Dow Jones industrial average down 112 points, or 1.04 percent, at 10,633.

Rising energy demand from growing Asian economies has squeezed global production capacity, and analysts are increasingly concerned that more increases in world oil consumption this year could lead to shortages.

"The overall theme here is still the panic over where the next barrel is going to come from," said Tim Evans, senior oil market analyst at IFR Energy Services.

Oil cartel OPEC agreed on Wednesday to lift its oil production limits by 500,000 barrels per day (bpd) in an effort to cool the red-hot market, and said it could later add another 500,000 bpd if prices remained high.

But the move leaves the producer group with limited spare capacity left to handle further increases in demand growth.

The US Department of Energy's statistical wing said on Wednesday OPEC's new production ceiling of 27.5 million barrels per day is too low, and output from the group would need to average 28.1 million bpd in 2005 to meet world demand.

Gasoline spike

Adding to strength Wednesday was a report from the US government showing an unexpected decline in national gasoline inventories last week due to strong demand and lower production of motor fuel from refineries.

Average US regular gasoline prices have spiked more than 15 cents in one month to $2.05 a gallon, matching last spring's record, and are expected to keep climbing, according to a survey from the AAA auto and travel group.

The skyrocketing price for motor fuel has begun hurting sales of large sport utility vehicles and pickup trucks, and may be sparking the first shift toward smaller, more fuel-efficient cars since the 1970's.

"Our historical experience tells us Americans will not give up their travel plans due to high prices of fuel," said Geoff Sundstrom, AAA spokesman. "But we think we're already starting to see consumer backlash against high fuel prices in car sales, and that trend may continue."

According to Edmunds.com, which tracks sales in the auto industry, gas-thirsty, full-sized SUVs lost 1.2 percentage points of US market share over the last two months and large pickups were down about 2 percentage points.

Fuel-efficient compact cars, on the other hand, gained 2.2 percentage points of market share in the same period.

US Senate backs Alaska refuge drilling

As US oil prices scaled their new peak, the US Senate gave Bush's energy plan a major boost by voting to open Alaska's Arctic National Wildlife Refuge (ANWR) to oil drilling.

Republicans have tried for more than two decades to open ANWR to oil exploration. The Bush administration, which views ANWR as the centerpiece of its national energy plan, was blocked in the past four years by a Senate coalition of moderate Republicans and Democrats.

The government has estimated energy companies would find it cost-efficient to recover at least 6 billion barrels of oil from ANWR if prices were at or above $35 a barrel.

[fierari]

pakamatay na yang mga oil companies na yan! !*#$%^


or better yet buy a bike :D