Survey Says Oil Price to Continue Rising
Research market firm Lundberg Survey, which conducted a nationwide survey that included 5,000 gasoline stations, said that unleaded gasoline price rose by 19.29 cents or $2.49 per gallon in mid-May, or an increase of 54 cents in the past 10 weeks.
Meanwhile, the rising oil prices were caused by weak dollar and massive production cuts by OPEC.
In the past two weeks, oil prices increased by 19 cents due to global production cuts and weak dollar, according to a survey on Sunday.
Research market firm Lundberg Survey , which conducted a nationwide survey that included 5,000 gasoline stations, said that unleaded gasoline price rose by 19.29 cents or $2.49 per gallon in mid-May, or an increase of 54 cents in the past 10 weeks.
Lundberg officials said that the drastic increase of prices reflect the rising price of crude oil due to production cuts implemented by the Organization of Petroleum Exporting Countries (OPEC) which supply almost 40 percent of global oil production.
In a statement, the research firm also said that the growing pessimism over the local economy contributed to the rising oil prices which were aggravated by weaker dollar that has hit to a five-month low against some global currencies.
Meanwhile, research firm official Trilby Lundberg said more ethanol is added in gasoline during warmer season as a safety standard to protect the environment, and since the price of this chemical is also rising, she said that it affects the price of gasoline in the market.
According to reports, the biggest consumers of energy today are the US, China, Japan, Russia, India, and Germany.
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