East Coast heat wave and a surge in the stockmarket may raise gas prices.
NEW YORK – Crude oil is on the slight rise again as it closed at $74 dollars today as the stock market rallied.
Drivers still got a break at the pump though as AAA reports gas prices dropped by 0.3 cents to $2.72. Today’s fall out dropped the price of gas by 3.4 cents compared to a week ago, still 11.7 cents higher then last year. Gas prices normally take two weeks to adjust after any rise or fall in the stock market.
The stock market which most often influences the price of oil rose by 275 points to close at 10,018. The S&P and NASDAQ were up by 3 percent as well.
Due to the intense east coast heat electric bills are going to sky rocket this month. Hurricanes and heat waves are what natural gas bull markets thrive on. So far, this year, we have seen record breaking temperatures as well as hurricanes.
Turning down your “AC” by one-degree can save you a pretty penny.
Online News Heard Now,
Tommy Mac
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