Oil price hits 17-month high thanks (?) to economic recovery in the U.S.
For the past six months, barrels of oil have traded at prices between $68 to $84. The Venezuelan oil minister said recently there is a $75/barrel price floor and that Venezuela is looking for oil to trade somewhere between $80 and $100 a barrel. For its part, OPEC cut production rates earlier this year to "prevent a supply glut" (and keep prices high). If the trend continues, all the money we'll make in the economic recovery can be used to pay for the more expensive gasoline. Yay.
[Source: Bloomberg | Image: NatalieMaynor - C.C. License 2.0]
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