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Tag: prices

High energy prices threaten economic damage, but likely to continue: IEA

High energy prices threaten economic damage, but likely to continue: IEA

Business
Oct. 12 (UPI) -- Expensive energy, including the prices of oil, gas and coal at "multi-year" highs, pose a threat to economic growth worldwide, particularly to emerging market economies that are also seeing depreciations of their currencies, the International Energy Agency said Friday. The agency showed particular concern that with peaks in both crude oil production and crude oil demand, both at nearly 100 million barrels per day, the spare capacity of the world has been reduced "to only 2 percent of global demand." "This strain could be with us for some time and it will likely be accompanied by higher prices, however much we regret them and their potential negative impact on the global economy," the agency said in its report. "For many developing countries, higher international prices co...
Qatar, Russia defend OPEC, deny manipulation of oil prices

Qatar, Russia defend OPEC, deny manipulation of oil prices

Business
Oct. 3 (UPI) -- Qatar's energy minister defended the oil market strategy of his country and other OPEC nations Tuesday. "OPEC is not trying to manipulate the price. It's trying to bring the market to balance," said Mohammed Bin Saleh Al-Sada, Qatar's Minister of Energy and Industry. He added that low oil prices -- like the world had through much of 2015 and 2016 -- don't equal prosperity for the world's economy. "That depression of the oil price led to what? (Did it) lead to a better world economy?" he asked a panel moderated by CNBC's Geoff Cutmore at Russian Energy Week in Moscow. "In fact, there was the worst record for the global economy during that downturn in the oil price. Now, during the journey of the recovery in the oil price look what happened -- balance between supply and dema...
Petrol prices could fall by £1.50 a tank, says the AA

Petrol prices could fall by £1.50 a tank, says the AA

Business
Petrol prices could fall by as much as 3p a litre as a result of falling wholesale prices and a potential supermarket price war, the AA has said.The price of both petrol and diesel is currently at a four-year high, after 11 consecutive weekly price increases.Average petrol prices hit 130.6p a litre this week, while average diesel prices rose to 134.6p a litre.The AA said it was now a question of "how quickly" supermarket forecourts passed on lower costs to drivers.The motoring organisation - which offers advice to drivers - said falling wholesale costs had in the past triggered a forecourt price battle, with supermarkets jostling to offer drivers the cheapest prices.Fuel price calculator: How much do you pay?Luke Bosdet, from the...
Gas prices steady after onslaught from Hurricane Florence

Gas prices steady after onslaught from Hurricane Florence

Business
Sept. 18 (UPI) -- Hurricane Florence had little effect on gasoline prices because the storm didn't go near refineries or other energy infrastructure. The Carolinas and surrounding states also had an abundant supply of gasoline, analysts report, explaining the lack of a spike in prices. AAA reports that national prices remained steady at $ 2.85 on the week. Gasoline supplies in the mid-Atlantic and Northeast topped 66.7 million barrels, the highest level since March 2016. But actually delivering gasoline to gas stations in the hardest hit areas of North Carolina could be a short-term challenge. During the build-up to the hurricane, many drivers topped off their tanks, leaving some stations empty. "Gasoline stocks in the hurricane-impacted area are healthy, but delivery of gasoline will be ...