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April 16, 2008
NEW YORK -- Crude futures rose past $115 Wednesday for the first time, propelled by concerns about how much gas will be available during the peak summer months, according to the Associated Press.
In its weekly inventory report, the Energy Department's Energy Information Administration said inventories of gas fell by 5.5 million barrels, much more than analysts surveyed by Dow Jones Newswires had expected.
The report also said crude inventories fell by 2.3 million barrels last week, compared to the gain analysts expected.
But the market was torn and traded sharply lower at times by data deeper in the report showing that the country's appetite for increasingly expensive gas is declining. Gas demand has fallen an average of 1 percent each of the last four weeks compared to the same period last year. Demand usually rises this time of year."
May gasoline futures rose to more than $2.90 a gallon.
Posted by Peter C. T. Elsworth 
at 2:59 PM to Crude oil market
| Permalink
It's going to be a long, difficult summer for motoring this year. People will have to adapt to staying closer to home rather than traveling far distances.
Posted by: Ernie on April 17, 2008 8:50 AM
Some thoughts:
Gas prices wont come down until we stop buying it.
The environmental nazis wont let us drill, mine or build nuclear plants or refineries. The higher the gas goes the more the world, and the idiot enviro nazis, will blame America. when, the true blame should be placed on the greenies and the middle east. I have yet to hear anyone blame the middle east for the "terrible rise in food prices that are impacting the third world" on the oil cartels or the greenies and, it should be. The price of oil is high enough they should turn up the production. If we had leadership in this country there would be an immediate crash program to triple nuclear energy production and increase the opportunities for companies to drill in America.
Posted by: mart on April 18, 2008 8:11 PM
Please be civil. Vicious comments, personal attacks and profanity won't be published.
