As Fuel flows out of the year into a new year, what a crazy year it has been. Fuel costs shooting through the roof then dropping like a brick. (See Graph below of the last 2 years). What will fuel costs bring next year, is anyones guess. The educated side of us, says that it will remain flat throughout the year just as the economy probably will. Not even hurricanes Gustav and Ike in the Gulf of Mexico in September or the Middle East conflict between Israel and Hamas has been able to stop crude’s slide. A sign that the economy has a very strong hold on oil prices.
DOE stats just released aren’t regarded as “market moving” with small builds in crude oil and refined products offset partially by a dip in refinery output. Not much to talk about, fuel costs as the year fades away.
Gasoline prices have been more than halved from summer peaks above $4, giving consumers some relief even as millions of people lose jobs and companies freeze hiring. Not even gas prices of $1.35 per gallon in some parts of the country have been enough to spur demand as Americans ride out what could become the worst economic downturn since World War II.
Let’s hope next year brings a turn in the economy but without a lot of increased fuel costs. We can all bank some money because this year has been a real blood bath.
HAPPY NEW YEAR. 2009 FUELER UP!
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