Oil Prices Continue To Sky-Rocket
As most American drivers have probably noticed, gas prices have been steadily increasing across the U.S. during October. As of Friday, October 8, the average price of a gallon of regular unleaded gasoline hit $2.78, by far the highest price of gas recorded since early spring of last year.. The price of oil has been around $80 dollars a barrel for over a week, and economists are uncertain how high the current surge in prices could go.
The Associated Press reports that, “The economic news was mixed Friday, but positive enough to help push the Dow Jones Industrial Average above the 11,000 mark. The NASDAQ and the S&P 500 were higher as well.” – Associated Press
Market analysts at Top Ten Imports have been studying the data and using it to assist in company predictions for 2011. The success of the company’s iHeater is often affected by volatile oil and gas prices during the winter season. Forecasts of skyrocketing fuel costs and strong winter weather are often reflected in the early sales figures for the iHeater.
Soaring oil prices in January and February of 2010 coupled with the blizzard conditions in the mid-Atlantic region led to iHeater’s strongest monthly sales for 2009-2010.
It’s uncertain what to expect from natural gas prices for the season.The Price of Fuel has been increasing steadily for the last few weeks now, and is likely to continue to rise right though the new year and into early 2011. If the trend continues, economists expect that home-owners would experience sharply higher utility bills for 2011. Investors banking on the returned strength of natural gas prices have been hurt by the steady decline on futures’ markets.
Natural gas is the popular form of home heating fuel in the United States, but as these prices continue to rise, the iHeater is leading the pack when it comes to helping curve the expenses associated with heating with these conventional methods.
