What the good news? The still escalating oil price is definitely not a good news. As of today, oil price is still at $118 per barrel but the sight of going $120 next month paused. Why? Here comes the good news: the US inventories of oil are said to have a positive response. Find out why....
But U.S. Energy Secretary Sam Bodman has rejected both suggestions, saying the tax revenue is needed to help build and repair U.S. highways and bridges and that the nation needs to build its emergency oil stockpile so it can replace 90 days of crude imports if necessary. The reserve now has only about a 55-day supply now.
Americans spent $100 billion on gasoline in the first quarter of this year, according to a recent
survey done for the Consumer Federation of America -- up from $40 billion in the same quarter of 2002. The works out to an increase of about $600 per household, the group said.more...
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