Record Oil Prices Add To Homeowners’ Woes
Oil prices have hit a record high as the price of a barrel came within touching distance of $100. This is a level never before seen during a regular trading session on the New York Mercantile Exchange The record prices are starting to torture consumers with questions of when and how the oil rally will impact spending on gasoline at the pump and home heating oil as the winter season approaches. Underpinning the rise was fresh supply fears and concerns over the weakness of the US dollar and a downgrading of expansion expectations in the States. Prices could continue to surge through the milestone barrier if US figures show stockpiles are lower than expected. Many analysts see heating oil supply levels as a problem to keep a close watch on.
“Each winter for the last five years or so, we’ve continued to operate without a safety net in so far as heating oil goes, and this year is not an exception,” said Tom Kloza, chief oil analyst at the Oil Price Information Service.
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