by Bill McBride on 9/18/2012 06:18:00 PM
Tuesday, September 18, 2012
From the Financial Times: Saudis offer extra oil to control prices
Saudi Arabia has offered ... extra oil supplies through the end of the year, a sign the world’s largest exporter is worried about the impact of rising prices on the global economy.This might just be talk ... oil prices are down sharply over the last two days, however Brent futures are still at $112.52 per barrel according to Bloomberg.
“The current price is too high,” a senior Gulf-based oil official told the Financial Times. “We would like to see oil prices back to $100 a barrel.”
excerpt with permission
Meanwhile, gasoline prices are still very high. From the Oregonian: Oregon, Washington gas prices moving in reverse, but still at historic highs
In the past week, the average price of a gallon of regular unleaded in Oregon dropped three centers to $4.01, the nation’s 10th most expensive.The following graph shows the recent increase in gasoline prices. Gasoline prices peaked in early April, then fell sharply in May and June - and have increased sharply since early July.
Washington has the nation’s sixth most-expensive gasoline for the second week in a row at $4.05, down a penny from last week.
The national average -- at $3.86 -- actually added a cent-and-a-half. For the first time since early April, Dodds said, 10 states, including California, Washington and Oregon, have averages at or above $4 a gallon, up from nine a week ago.
Note: If you click on "show crude oil prices", the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.
|Orange County Historical Gas Price Charts Provided by GasBuddy.com|
Posted by Bill McBride on 9/18/2012 06:18:00 PM