"Oil giants’ profits up on higher fuel prices" by Chris Kahn, Associated Press | July 30, 2010
NEW YORK — The major oil companies continue to climb back from the recession, with higher fuel prices driving up earnings.
After setting record profits in 2008, the oil industry tanked last year....
Yesterday, Exxon Mobil Corp. said it earned $7.56 billion in the second quarter, its best result since the last three months of 2008....
--more--"You know the drill, America.
"Oil tops $82 per barrel, defying gloom over flat spending" by Sandy Shore, Associated Press | August 4, 2010
NEW YORK — Oil prices rose above $82 a barrel yesterday, making for a rare day when energy markets ran opposite to the stock market.
The increase came despite disappointing corporate earnings and consumer spending reports that signaled slower economic growth....
Motorists got a break at the pump, with the US average for a gallon of regular unleaded falling nearly a penny....
What we call chump change!
The price is about 1.2 cents less than it was a month ago but 17.7 cents more than a year ago....
Despite ample supplies, anemic demand, and mixed reports about the economic recovery, traders apparently bought oil to take advantage of a weaker dollar and low interest rates, said Peter Beutel, analyst at Cameron Hanover.
Yup THAT is why EVERYTHING COSTS MORE even as DEMAND is DOWN and SUPPLY is UP!
The BANKERS BROKE your FREE MARKET SYSTEM, America!!
Because commodities are priced in dollars, a weaker dollar makes them more attractive to foreign buyers....
--more--"Related: Coffee prices percolate on weak dollar
