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100 Dollar oil will hurt at more than the pump
Source: Houston Chronicle -- Read Full Story
U.S. consumers are likely to feel the sting of $100 oil soon, and in perhaps more ways than they realize. Crude reached the symbolic milestone, albeit briefly, a couple of times last week, before closing Friday at $97.91. It finished 2007 on New Year's Eve at $95.98. More directly ominous for consumers, AAA reported Friday that the average price for a gallon of regular gasoline nationwide was $3.07, up from $2.32 a year ago. In Houston, the average price at the end of the week was $2.92, up from $2.18 last January. Higher gasoline prices likely will pinch consumers most as bigger crude costs are passed through to drivers, analysts said. Fuel costs also could push up airfares.
U.S. consumers are likely to feel the sting of $100 oil soon, and in perhaps more ways than they realize. Crude reached the symbolic milestone, albeit briefly, a couple of times last week, before closing Friday at $97.91. It finished 2007 on New Year's Eve at $95.98. More directly ominous for consumers, AAA reported Friday that the average price for a gallon of regular gasoline nationwide was $3.07, up from $2.32 a year ago. In Houston, the average price at the end of the week was $2.92, up from $2.18 last January. Higher gasoline prices likely will pinch consumers most as bigger crude costs are passed through to drivers, analysts said. Fuel costs also could push up airfares.
January 6, 2008 - 0 comments
