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International Monetary Fund report drives oil prices down
By Palm Beach Business.com
DELRAY BEACH — If you think rising energy prices might threaten the economic recovery, you aren’t alone. And oddly enough, that means some relief for motorists at the pump.
The International Monetary Fund released a report Monday stating that high energy prices threatened the recoveries underway in the United States and Japan. That sent crude oil prices sharply south, with West Texas Intermediate Crude settling at $109.92 a barrel, Monday, down $2.87. Prices continued to fall early Tuesday. Dropping $1.47 to $108.45 in foreign markets.
Oil settled at $112.79 a barrel Friday, the highest in 30 months as a weak dollar and attacks on Libyan oil fields sent prices skyrocketing.
The IMF’s report comes as the U.S. Energy Information Administration on Monday released its weekly look at fuel prices, which showed regular gasoline rising to $3.791 a gallon, up nearly 11 cents from a week earlier, and about 23 cents from a month earlier. In several states, notably California, gasoline already has eclipsed the $4 mark.
In Florida, regular rose to an average of $3.761 a gallon, up about 12 cents from the week before, and up 22 cents from the month before.
In Palm Beach County, gasoline prices remain the highest in Florida, averaging $3.86, up from $3.76 last week and $3.66 last month.
Over the weekend, AAA had forecast prices to continue to rise this week.
"The weak U.S. dollar coupled with the continued turmoil in the Middle East and North Africa will likely sustain the already high oil and gas prices as we head into the summer months," said Jessica Brady, spokesperson for AAA Auto Club South.
That’s not so certain now.
