Crude oil’s brief jump past $147 a barrel Friday arrived not only as the United States and Israel view Iran as a growing threat, but also as the U.S. dollar fell and worries erupted over possible supply disruptions in two other major oil-producing nations: Nigeria and Brazil.
Those factors contributed to new all-time trading highs in crude, gasoline and heating oil. It looks like $4-a-gallon gasoline might be here to stay, and that heating oil costs might cause further problems for consumers as the weather gets colder. Futures prices for natural gas turned lower Friday, but are still about twice as high as a year ago.
“If you think your gasoline bills are expensive now, wait till you get your home heating bill this winter,” said Stephen Schork, an analyst and trader in Villanova, Pa.
Hmmm, if I remember rightly, Villanova is on the Main Line, isn’t it? Mansions and high-priced cars? High salaries, too? Sure, it’s expensive to heat those “McMansions,” but a good many of the older ones were built many years ago! Wait until their owners get THEIR fuel bills this winter!
In the meantime, I wonder if Mr Schork plans to lower HIS thermostat to 60 degrees and try to keep warm wearing sweaters?
Lowering thermostats and wearing sweaters worked good many years ago; they might work good still. It worked very well during WWII.