Prices Jump at the Pump
By George Anderson
Oil prices reached a 28-month high yesterday as the prospect of a war in Iraq cast doubt on nations’ ability to meet their supply needs.
Reuters reported “U.S. oil prices rose as much as 28 cents from the New York close to $36.05 a barrel, the highest level since October 2000, after government data showed U.S. crude supplies had dropped to their lowest levels since the 1970s Arab oil embargo.”
Moderator’s Comment: How will higher prices at the
pump affect consumer attitudes and shopping behavior?
- Talk of price gouging has already begun.
- Kelley Blue Book recently released results of its New
Vehicle-Buyer Attitude Study on SUVs. More than 50 percent of respondents
felt the negative press from Arianna Huffington and others about SUVs and
their owners is “hype.” More than seven in ten felt SUV critics “ignored the
vehicle’s positive aspects.” We wonder how the results of the same study will
change if prices at the pump go up to $2.50 or $3.00 a gallon. [George
Anderson – Moderator]
MARKETS-Oil jumps, stocks slide as global tensions mount – Reuters
Believe SUV Criticism Is Hype According to New Study – Yahoo Business