Oil Sets Another Record, Gas Prices Continue to Climb
Friday April 21, 2006
Retail gasoline prices have passed the $4/gallon mark in California as oil passed $72 a barrel. Crude oil stocks are up almost 10 percent over a year ago (318.9 million barrels versus 345.2). Gasoline stocks, on the other hand, are down about 5 percent (211.6 million barrels versus 202.5).
Last April, a Goldman Sachs white paper forecast oil prices at $50-105 per barrel; subsequently, oil companies reported record profits. Last July, Congress passed an energy bill that pours about $9 billion into the oil and gas sector in tax credits and incentives.
Combined, the two promise an incindiary political issue for 2006 campaigns.
See national gas price map.
Last April, a Goldman Sachs white paper forecast oil prices at $50-105 per barrel; subsequently, oil companies reported record profits. Last July, Congress passed an energy bill that pours about $9 billion into the oil and gas sector in tax credits and incentives.
Combined, the two promise an incindiary political issue for 2006 campaigns.
See national gas price map.