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Oil's Slide Stalls at Pump
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U.S. gasoline prices at the retail level have come down only marginally with lower Nymex crude prices. The reason is the large difference between world crude oil prices and the prices for Nymex crude. Oil demand is expected to go up by 6.1% in China and 3.6% in India according to the International Energy Agency. J.P. Morgan Chase expects oil demand to grow by 1.2 million barrels a day in 2011. The IEA estimate is for 600,000 barrels a day increase for 2011.
U.S. gasoline prices at the pump and the drop in price of Nymex crude oil in 2011
08/22/2011
U.S. gasoline prices are determined by the price of crude on world markets. There is a large difference between the lower price of Nymex crude and higher world crude oil prices. This causes the price of gasoline to drop very slowly at the pump with only small gains for motorists. Another factor is that refiners are maintaining higher prices.
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