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Oil Predicted to Hit $100 a Barrel in New Year

Oil Predicted to Hit $100 a Barrel in New Year

Amid the upbeat consumer spending reports and economists predictions of a happier new year, oil prices made their stealthy climb. At two-year highs, market analysts say that $100 a barrel is likely soon.

Impacting Economic Recovery

Oil prices figured largely in the last economic crash and with the recovery still shaky, could high prices at the pump jeopardize what is supposed to be a better financial year for the average worker and his/her family? Experts fear the answer is yes.

Pre-Christmas oil prices of $90 a barrel or higher constrained businesses and travelers alike. The American recovery needs oil, and competition from the emerging world markets, combined with highs not seen since 2008, worry officials.

Pain at the Pump in 2011

Though experts expect prices to retreat by the end of 2001 with expected increases in production by both OPEC and non-OPEC producers, prices at the pump will pressure consumers this year as oil refineries continue to impose high feedstock prices on them to make up lost profit margins.

Holiday Travel Forecast

Holiday travelers will encounter the highest December fuel prices on record and North American airlines are getting ready to jack up fares with fuel surcharges.  According to Jim Corridore, an equity analyst for Standard & Poor, “It’s not good news to see fuel prices back up. Once we start approaching $100 a barrel, you’ll start to see fuel surcharges come back.”

While 2011 is being touted as potentially happier in terms of earning, the spending people will be forced to do at the pumps might not make the recovery seem like much of a recovery at all for many.

What’s Going on Where You Live?

Gas prices in Canada average $1.17 per litre, a level not seen since October 2008 and 17 cents higher than last year. That’s approximately $4.44 U.S.

 What are fuel prices like in your community and have they impacted your holiday travel plans? Let’s hear your stories.

Related Stories: 

4 Ways to Reduce the Impact of Your Holiday Travel

Natural Gas Companies Benefit from the Status Quo

Dairy Companies Hoping to Lower Greenhouse Gas Emissions

 

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Photo credit: Gas Prices 2008 by brownpau

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86 comments

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4:06PM PST on Jan 17, 2011

everyone should protest by giving up their cars.

8:22AM PST on Jan 11, 2011

ty

7:19AM PST on Jan 11, 2011

Time to put a stop to all this silliness by going electric.

4:13PM PST on Jan 7, 2011

Greed. Just check out Exxon's profits each year.

5:01AM PST on Jan 4, 2011

oh man, can barely afford to drive now..two shakes away from street walkin..

8:56AM PST on Jan 3, 2011

The only reasons oil should be $100/barrell is the greed of both the CEO's (and upper management of oil companies) and the people who deal in futures and their need for ever more profits.

4:58PM PST on Jan 2, 2011

This country had a choice in 1973 to seek out alternatives to oil. Sadly, the connected made sure nothing significant was achieved, so now, over thirty years later the problem is made worse.
There are tremendous ironizes here. This nation wasted trillions of barrels of oil fighting to protect the world from communism. The Capitalists wanted to make more profit for themselves so they made alliances with the communists to get that done. In so doing, they espoused how wonderful the global economy would be for all (typical ploy), while denying all the little details, such as the moving of huge amounts of material across the world all the time, consuming more and more non-renewable resources(oil) in the process.
Now, investors, corporate executives and politicians have more money in their pocket while the rest of us are losing ground.
At the same time, Detroit was making a killing off of SUVs and giant four wheel drive trucks, ignoring the fossil fuel issue as much as they could and paying their political rats to make sure they would never have to deal with fuel economy in a real sense.
Couple all this with the lies told John Q Consumer, and we now have problems that make 1973 look like a joke.
This senario plays out time and again, and still people refuse to get real. I can't wait to see how much more will get screwed up thanks to human behavior, in the future.

11:50AM PST on Jan 2, 2011

Fuel prices in Santa Cruz, CA are $3.25/gallon. About 3 years ago, I sold my internal combustion car and replaced it with an all-electric GEM car (think golf-cart), so the fuel prices didn't affect my holiday plans, which consisted of taking the bus to visit near-by relatives.

11:32AM PST on Jan 2, 2011

Même si le baril du pétrole triplerait,ça n'empècherait pas
les humains de changer leurs mode de vies,c'est sur le coût
de la vie vas augmenter,ça vas être dur pour tout le monde , une bonne raison pourrait nous conduire vers
d'autres alternatives beaucoups moins polluantes pour
démarrer une nouvelle anneé vers un avenir plus prométteur.

11:14AM PST on Jan 2, 2011

Capitalism as we know must end, must die. Call the alternative "Socialism" or whatever you want to call it, but the fact remains that if Capitalism continues it will destroy the environment and us with it. Wake up SHEEPLE. your childrens lives are at stake!

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