Economists expect that Wednesday’s Consumer Price Index inflation report will show consumer price gains accelerated in August, in large part because of the late summer jump in gas prices. If these forecasts hold true, energy prices will continue to complicate central bankers’ efforts to tame inflation. The EIA also raised its forecast for diesel and oil prices for the fourth quarter of this year and first quarter of next year. The US Energy Information Administration, an arm of the Energy Department, said Tuesday it expects retail gasoline prices will average $3.69 a gallon during the fourth quarter of this year. Government forecasters are warning that prices are unlikely to cool off much in the coming months. Gas prices are now 12 cents higher than at the same point last year. The national average for regular gasoline hit $3.84 a gallon on Tuesday, up from $3.81 a week ago, according to AAA. Gasoline prices, which lag oil prices, have edged higher this week as a result of that announcement. The Libyan flooding comes just a week after Russia and Saudi Arabia sent oil prices climbing by announcing plans to extend their aggressive supply cuts. “It’s one more thing adding to the bullish side of the ledger for crude.” “Libya has a number of ports that are not able to export,” said Matt Smith, lead oil analyst for the Americas at Kpler. It produced about 1 million barrels of oil per day in August, according to OPEC. The latest rally for oil prices will continue to push up prices at the pump for consumers and add to inflation across the US economy.Īnalysts blamed the price surge on the deadly flooding in Libya, which will temporarily disrupt oil exports from that OPEC nation. This week's US inflation data is very important. Pedestrians near the New York Stock Exchange (NYSE) in New York, US, on Monday, Aug.
0 kommentar(er)
