Friday, October 10, 2008

More Glimmers of Hope

Crude Oil prices as of this morning:

BRENT CRUDE FUTR (USD/bbl.) 78.800

WTI CRUDE FUTURE (USD/bbl.) 82.280

Side note - These are both prices for one barrel of crude oil on the New York Mercantile Exchange (NYMEX). Brent is from the North Sea, north of Scotland and WTI is from Texas. Both are considered "sweet crudes" meaning lower sulfer content, which makes refining cheaper and yields more gasoline per barrel. Generally, WTI (West Texas Intermediate) has been considered the "benchmark" price that you will hear newsies quote when they give a single price for oil in their reports.

This is good news for lots of reasons. First because there will be more money in your pocket after gassing the car, but also because the trend is declining, which means supply is exceeding demand and the price will continue downward.

So, I'd say it's too early to give up all hope.

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