Friday, February 25, 2011

oil prices rise

The popular revolt in Libya and the possibility that the crisis will spread to other countries in the region are causing an extraordinary volatility in oil prices, which started in the day yesterday with a brutal climb close to 10%. The highest price since September 2008, to experience a decline after.
In Spain, the appreciation of oil gives wings to the rise of petrol and diesel. And gasoline costs an average of 1.284 euros per liter, just a penny below the peak reached in January. Diesel stands at 1.247 euros, up 24% from a year ago. Are not yet highs, but are close to those marks, which occurred, we must not forget, at a time when a barrel of oil was quoted at $ 147.
Repsol's production in Libya these days has been reduced by half.
The rise of fuel will impact on private transport, since the bill is to fill the tank of the cars to the impact of "second round" of moving goods, which ultimately all kinds of expensive products.
The energy bill will suffer directly. The price of most fuels as the base oil.
The most feared effects of soaring crude oil are, however, that policymakers and analysts call "second round", an effect that usually move in time more than half a year. The operator pays more expensive fuels moves that amount to the final prices, and in so far as the situation permits, employees try to recover the impact of higher living costs in their negotiations.

Maria Jose Gonzalez

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