|
The U.S. is the world economy slows, less oil is consumed and prices tend to fall. Brent crude, which helps set the price of imported crude used to make gasoline, fell by $2.51, or 2.5 percent, to end the day at $98.19 per barrel in London. At the pump, gasoline prices rose for the fourth straight day, adding 2 cents to a national average of $3.358 per gallon, according to AAA, Wright Express and Oil Price Information Service. Until this week, gasoline had been on a steady decline, losing an average of 61 cents per gallon since the first week of April. Experts say the national average will likely range between $3.30 and $3.50 per gallon from now until Labor Day. Natural gas futures fell after the government said the nation's supply grew last week. Natural gas in storage hit an all-time high at the end of last year and has stayed well above average so far this year. The surplus is shrinking, however, as utilities burn more natural gas to generate power. And power demand will grow this summer as homes and businesses crank up their air conditioners with record heat gripping much of the nation. The price of natural gas fell 17 cents to finish at $2.78 per 1,000 cubic feet in New York. In other futures trading, heating oil fell by 6 cents to end at $2.71 per gallon, and gasoline futures gave up 5 cents to finish at $2.72 per gallon.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor