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Finally, prices heading south
Indicators suggest peak prices probably have maxed out
With high oil inventories and weak demand, 21 of 38 analysts (55 percent) surveyed by Bloomberg each Thursday say they expect oil futures to decline this week. Only eight of 38 expect prices to increase (nine remain neutral). Additionally, falling wholesale prices point to further drops ahead for retail prices, according to 'Retail Fuel Watch,' an oil industry weekly published by Oil Price Information Service. "Last year at this time, we saw the national average price of gasoline increase from $4.07 to $4.10 on July 4. Fortunately, it's a much different story this year. All the indicators reflect that the peak price is behind us and we can now expect retail gasoline prices to edge downward, even as we approach the Independence Day weekend," said Gregg Laskoski, managing director of public relations, AAA Auto Club South. On the New York Mercantile Exchange (NYMEX) crude oil closed last Friday at $69.16 a barrel and continues to decline from the highest week-ending price seen so far this year of $72.04 per barrel on June 12. |
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