Oil to Hit $100/barrel – Gas Prices UP 7% in Japan

Posted by Bill Belew on June 8th, 2010 in Japan | Comments Off

Oil will hit $100/barrel this month…in time for Thanksgiving perhaps.

A decline in US oil inventories is blamed.

Let's see, the US doesn't have as much oil as they think…let's charge them more to replenish it….or is it, let's charge them more to keep them from guzzling it?

Fuel prices are now equal to inflation adjusted highs set in early 1980.

$38/barrel then = $96-100/barrel now.

Prices of gasoline in Japan are up 7% to Y150.

Japanese, however, always have the option to rely on public transportation leaving industry officials to wonder if price hikes are always the best way to compensate for higher prices.

Still Nippon Oil Corp is asking sales subsidiaries to revise their retail prices to ensure they can make a profit.

Y150/liter = $5.00/gallonish…much of it taxes.

Has the increase in fuel prices affected you?

Oil to Hit $100/barrel – Gas Prices UP 8% in China

 


 

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