NewsWhore
11-08-2007, 01:40 PM
Hoy is reporting that the cost per barrel of "light sweet crude" oil reached US$98 yesterday, and Texas crude reached US$96.37, paving the way for the barrel to hit the US$100 mark for the first time in history. The increase in prices, which have shot up consistently over the last two weeks, has been blamed on increased tension in the Middle East and dwindling oil reserves. Hoy also reports that US reserves fell by 800,000 barrels to 311.9 million last week. The full economic impact of the fuel price increases hasn't been felt yet, but many fear that economic growth might be stunted as a result. Hoy estimates that this year's national fuel purchase bill will be double what it was last year, jumping from US$1.5 billion to US$3 billion.
Cesar de los Santos, president of the National Vehicle Distributors Association, quoted in Hoy, expressed concern that the high cost of fuel would reduce new car sales in the DR.
More... (http://www.dr1.com/index.html#8)
Cesar de los Santos, president of the National Vehicle Distributors Association, quoted in Hoy, expressed concern that the high cost of fuel would reduce new car sales in the DR.
More... (http://www.dr1.com/index.html#8)