Gas prices make new record
2008-04-24 16:22:31 (GMT) (Caymanmama.com - Business News)SINGAPORE - A report by the U.S government represented an increase in the crude oil supplies that showed an effect on the strengthened U.S. dollar, which further led to a fall in the oil prices on Thursday. However, the gas prices on the contrary have made a new elevated record.
As the greenback took back some grounds that opposed its stand to the euro, it was again higher in the before time Asian trading on Wednesday. Strengthened dollar therefore makes commodities like oil less interesting in the form of hedge opposed to the inflation and thereby makes oil even more expensive for the overseas investors.
The falling of dollar when compared with the earlier time of the last year is thought to be the foremost factor for the sharp increase in the crude oil prices in the recent months.
“The recovery in the U.S. dollar weighs on oil prices,” commented Victor Shum, energy analyst working with the Purvin & Gertz, Singapore.
Still retail prices kept on soaring. The average national price charged for one gallon of the normal unleaded gasoline increases to the latest high record of $3.556, which is an increase of over 2 cents from its previous amount figure of $3.533, if AAA, which is an auto industry group is to be trusted.
CaymanMama.com - Press Release Distribution Service
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