- Joined
- Mar 24, 2009
- Messages
- 16,743
'Fear Premium' roars back
For oil producers, drillers and Alberta's depleting treasury, it's an unexpected gusher.
But for motorists, it means an another unwelcome surge in gasoline prices and an effective tax increase on incomes.
With fighting raging in Libya and political tensions boiling across North Africa and the Middle East, crude prices have spiked to the highest level in 30 months.
In New York, oil futures surged by $2.60 US a barrel Wednesday to close above $102 for the first time since September 2008.
While that's 30 per cent below the record 2008 high of $147 a barrel, it represents a jump of more than $10 or nearly 11 per cent since Feb. 1, as the so-called "fear premium" returns with a vengeance to volatile oil markets.
Read the full article here.
For oil producers, drillers and Alberta's depleting treasury, it's an unexpected gusher.
But for motorists, it means an another unwelcome surge in gasoline prices and an effective tax increase on incomes.
With fighting raging in Libya and political tensions boiling across North Africa and the Middle East, crude prices have spiked to the highest level in 30 months.
In New York, oil futures surged by $2.60 US a barrel Wednesday to close above $102 for the first time since September 2008.
While that's 30 per cent below the record 2008 high of $147 a barrel, it represents a jump of more than $10 or nearly 11 per cent since Feb. 1, as the so-called "fear premium" returns with a vengeance to volatile oil markets.
Read the full article here.