Despite the decline in demand, has over $ 448 billion so far paid for fuel – $ 100 billion more than in 2010. Persistently high oil prices to blame. U.S. drivers this week broke a record that will bring them no joy. They combined for over $ 448 billion on gasoline since the beginning of the year, according to the Oil Price Information Service, which the previous record for gas costs – in 2008 – in the back by one week of driving still to go.
It’s also a huge jump over last year, when American motorists more than $ 100 billion spent less on gas.
The main reason for the record-setting gas spending in 2011 was that oil prices were consistently high throughout the year. And that is probably brought joy to the other side of the pipeline. The Organization of Petroleum Exporting Countries is on pace to top $ 1 trillion in net oil exports for the first time, or 29% more than last year.
Next week the OPEC meet to discuss production. Analysts held little hope that the group, which pumps 40% of the oil in the world, would increase production to lower prices and improve the economic recovery in the U.S. and Europe.
“They will do nothing,” said Fadel Gheit, an analyst at Oppenheimer oil and Co. “They can blame lay on the banking sector and debt and they are glad that the supply of oil at what his record prices to hold for this time of year . ”
On Friday, crude oil for January delivery rose $ 1.07 to $ 99.41 a barrel near the New York Mercantile Exchange. Nymex oil prices by 8.8% so far for the year.
At the pump, gasoline prices hit a record for this time of year. On Friday, the average price of a gallon in California was $ 3,613, according to the AAA Fuel Gauge Report. That’s 27 cents per liter higher than the record for a December 9, 2007. It was 36.9 cents higher than last year.
Nationally, the average price of a gallon of regular gasoline was $ 3.293, also breaking the 2007 record by 28.5 cents. Compared to last year, was 31.8 cents higher.
Burbank resident Dan Bell, 38, said he recently moved to a job that would have paid him more because he would have had to spend too much on gas to get there.
“I just the fact that OPEC is that many hate money,” said Bell. “There is not much that we can do. We must work.”
According to the Energy Department, the demand for vehicle fuel is about 4% lower this year than in 2010. And domestic production of oil on the rise.
But increasing amount of oil in the United States to other nations. For the last three weeks, U.S. refineries a record high level of fuel exports have averaged about 2,984,000 barrels a day to overseas markets, the Energy Department said.
That was more than 600,000 barrels per day higher than last year and more than twice as much as was exported in 2008.
source:latimes
China started nuclear power safety projects, Xinhua Says
China has 13 research and development began with emergency response mechanisms for nuclear power plants in case of improvement of "extreme emergencies", the official Xinhua news agency reported, citing a statement from the National Energy Administration. . . Read more »
ArcelorMittal not Macarthur Coal takeover decision
ArcelorMittal, the second largest shareholder in Macarthur Coal takeover target, has not yet decided whether she will return in terms of Australian miner to buy local coal rivals Gloucester. . . Read more »