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Archive for Saturday, December 15, 2007

Gasoline prices fuel increase in inflation

December 15, 2007

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Led by higher gasoline prices, consumer inflation shot up in November by the largest amount in more than two years.

In a troubling juxtaposition, the rise in inflation is coming at a time when economic growth is slowing sharply under the weight of a steep slump in housing and a severe credit crunch.

The Labor Department report Friday showed that its closely watched Consumer Price Index rose by 0.8 percent last month, the biggest increase since September 2005, as energy prices jumped by 5.7 percent, reflecting a huge gain in gasoline. Core inflation, which excludes energy and food, was also up last month, rising by 0.3 percent as the cost of clothing, airline tickets and prescription drugs all took big jumps.

On Friday, light, sweet crude for January delivery fell 98 cents to settle at $91.27 a barrel on the New York Mercantile Exchange. For the week, the contract rose $2.99, or 3.3 percent.

January gasoline futures fell 3.27 cents to settle at $2.3417 a gallon on the Nymex.

In Lawrence, a gallon of regular unleaded gasoline averaged $2.801 on Friday, up 2.1 cents from a day earlier, according to the Oil Price Information Service.

Comments

Kontum1972 6 years, 4 months ago

its is headed for 5.00 a gallon

the real reason we took down saddam... israel threated 2nuke the place if we didnt do something they gave the ultimatum..

i work with a guy, former military NCO (retired)..desert storm vet armour..battle of baghdad he told me he voted for bush and he said he regrets it now..he apoligized to me, if Gen Petraeus had not gone over there things "would not" have settled down...He understands these people.

Keep your eyes on this guy...he has white house eyes he is no dummy!

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Richard Heckler 6 years, 4 months ago

Consumers have given up the battle as the industry increases the cost of living across the board.

Remember this industry receives much in the form of corporate welfare and contributes much in the form of special interest money which because of their greed to own the worlds oil supply we are not respected around the world. And the USA is invoved in: http://www.democracynow.org/2007/12/6/the_battle_for_basra_iraqs_oil http://www.gregpalast.com/are-us-corporations-going-to-%E2%80%9Cwin%E2%80%9D-the-iraq-war/ http://www.alternet.org/waroniraq/43045/ http://www.commondreams.org/views07/0222-21.htm http://www.csmonitor.com/2006/0110/dailyUpdate.html

America must bite the bullet and go for fuel efficiency not only in our driving habits but also in construction codes. When considering public incentives the community should get back a green building and some green space for our efforts ,our tax dollars and our community.

If our nation wants to get away from irresponsible government such as invading another country that has not attacked the USA:.. WE must change. This is a waste of taxes,human resources and the nations integrity.

Since Saddam was brought down: 1,000,000 Iraq people have died 4,000 USA soldiers have died Approximately 30,000 USA soldiers are permanently disabled Vets are having difficulty getting the med care they need and Bush has VA budget cuts scheduled for 2009-2010

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