In was another wild day for fuel prices on Monday. Oil prices tumbled nearly 4 percent Monday in a volatile trading day fraught with more bad economic news. Bad news, that is about the only news that we usually get anymore when we talk about the economy.
Light, sweet crude for March delivery fell $1.60 to settle at $40.08 a barrel on the New York Mercantile Exchange after tumbling at one point to $39.83. This down turn in fuel costs mean good things to consumers. Especially since gas prices tumble too.
Gasoline futures had been one of the only commodities on the New York Mercantile Exchange to remain steady last week with some 24,000 refinery workers threatening to strike. Negotiations were extended and workers showed up as usual Monday. Gasoline futures tumbled more than 9 percent. The lower fuel costs and extra fuel in the market will only help a solid fuel management program get better.
The losses came after a U.S. government report showed consumer spending fell for the sixth straight month in December, with 2008 as a whole showing the slimmest growth in spending since 1961.
Grim economic news also dominated Asia and Europe, where Euro zone manufacturing shrank and factory prices tumbled at their fastest rate in at least six years. Not much good news anywhere around the world.
To help your company cope with fuel costs in this difficult economy, Sokolis’s fuel management & fuel consulting program can help. With prices effecting everything you want a fuel expert who is able to get you fuel discounts, fuel rebates and fuel savings. Reach out to the Sokolis to start saving money on your fuel prices today. https://sokolis.com/ or 267-482-6155.
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