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Oil Prices Float To The Top… Again
By John Stith
Staff Writer
Article Date: 2005-04-20
Bad news for consumers hit the oil markets today when light sweet crude soared up to $53 a barrel as the U.S. announced dwindling crude and gasoline supplies for the first time in nearly three months and just before the summer travel season.
The 71 cent jump in addition to the $1.92 jump yesterday and Brent Crude in London shot up $1.10 a barrel as well. This in addition to refinery problems in the U.S. drove up gas prices 5% on Tues. to $1.60 a gallon. These prices don't bode well for the summer travelers in the U.S.
Also China's growth turned out to be bigger than expected in the first quarter and that will keep oil demand high.
President Bush will urge Saudi Crown Prince Abdullah to open it up all the way and pump to full capacity when the Saudi heir visits Bush's ranch next week.
"I don't think they're pumping flat out," Bush said, adding that he planned to ask the Saudi prince whether it was possible for the kingdom to step up oil production.
"I think they're near capacity, and so we've just got, got to get a straight answer from the government as to what they think their excess capacity is," he said in an interview with CNBC.
About the Author:
John Stith is a staff writer for WebProNews covering technology and business.
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