why are Pump prices on pace to top 2009 high by weekend (AP) ?”
The cost of filling up the car is rising in the wake of soaring crude and by this weekend, pump prices will race past the highs for all of 2009. Tracing the ascension of crude, up 14 percent since mid-December, energy prices across the board are catching up. On Tuesday, benchmark crude prices closed higher than they had on any day last year. It’s part economic and part meteorologic. Vicious pockets of cold stretched from the Northeast to the South, where farmers in the Florida panhandle tried to save tomato and strawberry crops. Four deaths in Tennessee were blamed on low temperatures. The frigid blast has squeezed heating oil supplies in some areas during a year when demand had been very weak and refineries have been operating at low levels. Huge surpluses have been falling in recent weeks, contributing to prices already driven higher by the falling dollar. When the dollar falls, investors holding stronger currency can essentially buy more dollar-based crude and they have, doubling oi
The cost of filling up the car is rising in the wake of soaring crude and by this weekend, pump prices will race past the highs for all of 2009. Tracing the ascension of crude, up 14 percent since mid-December, energy prices across the board are catching up. On Tuesday, benchmark crude prices closed higher than they had on any day last year. It’s part economic and part meteorologic. Vicious pockets of cold stretched from the Northeast to the South, where farmers in the Florida panhandle tried to save tomato and strawberry crops. Four deaths in Tennessee were blamed on low temperatures. The frigid blast has squeezed heating oil supplies in some areas during a year when demand had been very weak and refineries have been operating at low levels. Huge surpluses have been falling in recent weeks, contributing to prices already driven higher by the falling dollar. When the dollar falls, investors holding stronger currency can essentially buy more dollar-based crude and they have, doubling oi
