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Monday, June 13, 2011

European Union debt cuts oil price

More news out of the European Union today has caused a tumultuous drop in oil prices. By now, speculators should be asking themselves why they should trust even their own trading!

Standard and Poor's had their say in Greece's debt problems today, and they also scored points with consumers as they helped to drop oil prices today by close on $2.50 US a barrel.

They cut Greece's credit rating to 'CCC', just above junk status, and also said the Mediterranean country has a high likelihood of skimping out on debt payments in the future. That's not good news to the European union, especially as we all struggle towards some sort of an economic recovery.

Here's what I have so far for this pricing session, with one more day to go before the price change data is complete. Don't expect much change to gas prices with numbers like these!:
  • Heating and stove oils still show increases again this week by 1.74 cents a litre.
  • Diesel shows an added 1.8 cents a litre, and...
  • Gasoline shows an added 3/10ths of a cent.
I'll be back tomorrow night with the final numbers for everyone.



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