Oil gains Ten bucks in two weeks
Numbers up for all fuels

Media release


Conception Bay South, NL, October 20, 2009- Oil has spiked close to ten dollars a barrel over the past two weeks and consumers in Newfoundland and Labrador will have to pay a little more at the pumps as of Thursday morning as a result, that’s from George Murphy, group researcher and member of the Consumer Group for Fair Gas prices.

“Oil has increased to a new one year record and, in spite of the rise in the Canadian dollar; there will be increases to all petroleum product prices this week. It could very well just be the start of a round of increases to consumers coming off the latest binge in buying of commodities as economic recovery continues to gain steam,” said Murphy.

“Numbers show that heating and stove oils will increase by 3.25 cents per litre, diesel by 3.8 cents and gasoline will increase by a marginal 1.8 cents a litre. The real story of increases to gasoline may come next week, that’s if market conditions hold up. We may, in fact, see interruption to prices if we don’t see a retreat in oil or if the Canadian dollar stalls in its advance against the US greenback.

“A surprise draw on gasoline inventories, slight inventory building and investment in commodities as a hedge against inflation have all pared into the markets this week past. It also didn’t help to see oil increase with improving economic news, especially with an increase in demand and a drop in refinery capacity. The question is now: How long will the price of oil remain elevated and what the ramifications are of that to the consumer? We’re starting to see an increase to consumers for heating oil products before the onset of winter and that brings some worry to lower income consumers of heating oil products.

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For more information, contact;

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices

PS: I tried to post all the data I had but that failed miserably. I'm going to have to do a little experimentation with that to see if I can't get that all in so you can all see where i get all my numbers.