November 22, 2006
LIKE PALMOLIVE:
Oil supplies swell, pump relief not seen (Steve Hargreaves, November 22 2006, CNNMoney.com)
Supplies of crude oil continue to swell in the United States, but don't expect that to translate into lower gas prices any time soon, one expert says.
Alternative energy going more mainstreamIn its weekly inventory report, the Energy Information Administration said crude stocks ballooned by 5.1 million barrels last week. Analysts were looking for a gain of 600,000 barrels, according to Reuters.
EIA said gasoline supplies rose by 1.4 million barrels. Analysts were looking for a drop of 900,000 barrels.
Distillates, used to make heating oil and diesel fuel, fell by 1.2 million barrels, in line with estimates.
"The last time there was this much crude was in 1999, when oil prices were $16 a barrel," said Tom Kloza, chief oil analyst with Oil Price Information Service, a publisher of industry reports.
The swelling stock pushed down the price of oil.
Once Big Oil soaks the holiday drive.... Posted by Orrin Judd at November 22, 2006 1:39 PM
No point Bush telling Cheney to have Big Oil push prices down any further now that the Republicans lost Congress. We'll all have to wait until about August 2008 now.
Posted by: Rick T. at November 22, 2006 1:49 PM