Hi to all,
Here’s what I have
for this week’s price changes:
*Heating and stove
oils to drop by 6/10ths of a cent a litre.
*Diesel fuel to
drop by 8/10ths of a cent, and...
*Gasoline shows
another drop of 1.4 cents a litre.
Prices to drop across the board
“Consumers in
Newfoundland and Labrador, New Brunswick and Nova Scotia should see a rarity in
the world of oil prices and refined products: a third week in a row of dropping
prices.”
That’s
from George Murphy, group researcher with the Consumer Group for Fair gas
prices.
“U.S inventories
reported last Wednesday, the first day of the pricing session, showed what
appears to be the impact of higher prices on consumers in the form of building
gasoline inventories as consumers conserve as a result of high prices. We’re
optimistic that prices will keep dropping, but consumers will eventually get
used to a high price and turn back to buying again. I’m hoping that they will
continue to impact inventories by going light on the gas pedal!”
“It’s
what I like to call ‘enforced conservation’, where consumers revolt for a short
period of time as prices for refined product become unaffordable.”
As reported by the U.S Energy Information Administration, gasoline inventories
climbed an unexpected 4.6 million barrels, while crude oil also climbed by 2.1
million barrels as domestic production also hit 10.8 million barrels a day in
the U.S.
Distillate fuels also reported increases of 2.2 million barrels, a fuel group that
includes heating oil, stove oils and Diesel fuel.
U.S domestic production of crude oil hit 10.8 million barrels in the data last
week.
-30-
That’s it for this
week!
Regards,
George Murphy
Twitter
@GeorgeMurphyOil
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