If you have been keeping an eye to the markets this week you would be taking notice of the rapid increase in oil prices, up almost five bucks a barrel. Since last regulation period, oil prices have increased from $82.95 US a barrel to reach today's high of $87.06 US.
Perhaps when you go to fill up, you might be taking more notice of the price as well, in particular for the rising costs for heating and stove oils. Added surcharges surely are to follow again as prices increase to various transportation industries.
Prices are again on the move upwards...
Of interest to consumers out there, with the rising price of oil we should see some reaction to consumers spending habits start to kick in. Consumers will probably become acutely aware that it's just costing a little bit more, and that it's starting to impact what you think you had left in your wallet.
It will be no different this week as, worldwide, consumers begin to notice the bite that high energy will be taking on spending. Expect the impact to be felt in the said economic recovery. If anything thwarts that, it's high energy prices. If we notice that, does industry notice the effects on spending as well?
Here's what I have so far this regulation period with one more day of data to attain. Keep in mind the possible slight inaccuracy in the heating oil number as a result of the change to the winter heating mix change for the next few months when the price changes come out this Thursday:
- Heating and stove oils are up by 2.13 cents per litre from last week.
- Diesel shows an added 2.4 cents per litre, and...
- Gasoline shows an added 1.1 cents per lire.
I'll be back again tomorrow night with the final numbers for the week. In the meantime, drop me an email if you think you're starting to feel the effects of high energy prices agin. I'd love to hear from you!