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Oil Price Drops Back below $37 per Barrel
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by Jordan Yerman | December 24, 2008 at 09:25 am
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Oil prices dropped again as demand continues to drop. Meanwhile, the projected US surplus has risen, which could account for the ongoing price slide.
US light, sweet crude for February delivery fell to $38.53 a barrel in electronic trading on Nymex.
"The energy markets are reacting first and foremost to bad economic news, and it seems like they're almost waiting for something bad to occur," said oil analyst Peter Beutel of Cameron Hanover.
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at 12:57 on December 24th, 2008
33 Saudi Riyals for 53.2 liters is 0.62 Saudi Riyal a liter. That was the price of premium gasoline at the pump in Eastern Saudi Arabia when the related picture in the slideshow was taken on June 25th, 2008. It is the price of gas at the pump today. Unchanged.
The Saudi Riyal is in practice pegged to the US dollar. This was, and still is 62 US cents a gallon (note the coincidence: the gallon to liter ratio is the same as the US dollar to Saudi Riyal exchange rate).
June 26th, 2008, the barrel of crude oil hit $140 in international trade. By comparison, 1 barrel (42 gallons) of refined premium gasoline at this pump would have cost you just $26. And they still make a profit... Wow.
And regular is about 25% cheaper.
oksabaro has contributed a photo to this story.