Not long in from the campaign, so sorry this is being posted at midnight tonight. Please forgive me!

Markets more volatile than ever!

Consumers catch a break- At least this week

Media release

Conception Bay South, NL, September 27, 2011- Consumers in Newfoundland and Labrador will catch another small break at the pumps, although market volatility is planting doubt on how long drops will last. That news comes from George Murphy, group researcher with the Consumer Group for Fair Gas Prices.

“I can’t remember another time when the European Union financial situation has caused this much fluctuation in oil prices, but that and lingering concerns over the possibility of another recession has the markets in turmoil. There simply is no accounting for it in my numbers even. Markets are that much in a state of flux that they’re into collapse one minute and recovery the next.” Murphy cautioned.

“In the meantime, my numbers show heating and stove oils to drop by 1.12 cents a litre and diesel to drop by just 9/10ths of a cent. Gasoline shows a downwards turn of 2.3 cents a litre based on the market activity for the past seven days. These numbers may have been more substantial than they are except for the almost four cent drop against the US greenback.”

“Inventory reports out of the United States Energy Information Administration may tell the future of prices for the next few weeks when the report is released tomorrow afternoon. Any build in gasoline inventories may be a warning that consumers and business alike are starting to curtail spending, particularly for transportation fuels and that demand is petering out. We could be in a transition into recession if that is the case.”

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For more information, contact;

George Murphy

Group researcher/Member

Consumer Group for Fair Gas Prices