Oil to Hit $100/barrel – Gas Prices UP 8% in China
Oil will hit $100/barrel this month…in time for Thanksgiving perhaps.
A decline in US oil inventories is blamed.
Let's see, the US doesn't have as much oil as they think…let's charge them more to replenish it….or is it, let's charge them more to keep them from guzzling it?
Fuel prices are now equal to inflation adjusted highs set in early 1980.
$38/barrel then = $96-100/barrel now.
Fuel prices in China and other oil products are up 8%.
Rail cargo and air travel prices are expected to go up as well.
China's National Development and Reform Commission (NDRC) is asking Sinopec and PetroChina to increase refining output, increase diesel import and control diesel
exports.
Small refiners have stopped production due to a lid placed on fuel prices meant to keep inflation at bay…
Perhaps it's time to reopen them.
Has the increase in fuel prices affected you?
See also:
Oil to Hit $100/barrel – Gas Prices UP 7% in Japan
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