Gasoline prices collapse for summer
By CBS.MarketWatch.com
marketwatch.com
Last Update: 3:29 PM ET June 29, 2001
SAN FRANCISCO (CBS.MW) -- This Fourth of July, drivers will have an additional reason to celebrate - independence from inflated gasoline prices.
Gas prices nationally fell 18 cents a gallon to $1.53 a gallon in the past month, and analysts expect continued declines from May's all-time high of $1.73 to near $1 a gallon in some parts of the country. Chicago has seen its average price fall to $1.61 a gallon from $2.01 last month, and nearby Detroit's average fell 33 cents to $1.53, according to the American Automobile Association. "It's unprecedented to see a drop like that in a four-week period," AAA spokesman Atle Erlingsson said. "Traditionally, we see gas prices increase during the summer, but this year, you're going to see the exact opposite."
Federal regulators approve NY price cap
Federal regulators approved a plan Thursday to limit wholesale power rates in New York this summer. Under the Federal Energy Regulatory Commission's plan, once electrical rates on the spot market rise to a certain level, they would be subject to a cap if the generators can't prove that their cost of producing the power caused the increase. The price control would stay in effect until the end of October.
Bonneville cuts pending rate increase to 46%
A federal electric power wholesaler in the Pacific Northwest said Friday that a load reduction effort by utilities has caused it to cut an expected rate increase set for October.
Bonneville Power Administration's acting administrator, Steve Wright said customers faced a wholesale rate increase of 250 percent or more just a little over two months ago, but "due to an unprecedented load reduction effort by utilities and industries," to cut demand from BPA by 2,277 average megawatts, the pending increase has been cut to 46 percent
Oil up ahead of Tuesday OPEC output decision
Crude futures prices climbed back above $26 a barrel Friday as traders weighed in the possibility that OPEC could decide to actually cut its oil production levels when it meets next week.
OPEC has "pretty much cemented" its decision of no change to output at the July 3 meeting, analysts at London's GNI Research said in a daily note. However, Fimat energy John Kilduff said he wouldn't be "totally blown away" if the oil cartel actually decides to cut production. |
