Gas up, stock market down
Posted: Wednesday, March 27, 2002
By Martha Smilgis
DRIVE INTO THE gas station and pull out your wallet. You think a gallon of gasoline is already skyrocketing? You're right. We're experiencing the fastest mark up in petrol in 50 years. And California drivers ain't seen nothin' yet!
Once again OPEC stubbornly refuses to increase production to meet the oil needs of a slowly improving world economy. Although people are flying less, we are driving more -- and longer distances, balancing the exchange. Consumption is picking up. What's more, the summer driving season is just three months away.
"In 1977, the United States imported 28 percent of its oil from the Persian Gulf. Last year, it was down to 23 percent. Although U.S. oil consumption is up 17 percent in the last 10 years to 20 million barrels a day, we now get most of our oil from Mexico, Canada, Venezuela, Russia, Malaysia and Brazil.
"o wonder investors are fretting over the energy situation. If we go to war with Iraq, oil may be embargoed and the stock market will plummet. Fortunately, we have other sources of oil ready to right the situation. Full Article