Oil-linked gas pricing has less impact
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Sir, Much has been written recently about the effect on the British market of high continental European wholesale prices for gas.
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Falling crude oil prices this week suggest that Americans might dodge the surge in gasoline prices that experts had predicted for the weeks leading up to the Labor Day weekend.
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October 17, 2004 -- &quot;The impact of the current surge in oil prices, though noticeable, is likely to prove less consequential to economic growth and inflation than in the 1970s.
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U.S. gasoline prices sank to a one-month low, after falling 5.1 cents over the last week to $3.02 a gallon amid worries about a weak economy, the government said on Tuesday.
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Oil prices eased on Monday as speculative funds continued to take profits but a tight global supply picture stopped the selling from gaining much momentum.
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U.S. retail gasoline prices fell to  their lowest level in three months and the cost of diesel fuel  dropped below $2 a gallon for the first time in 12 weeks, the  Energy Department said on Monday.
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Crude-oil futures were little changed after plunging 6.5 percent yesterday amid speculation higher-than- normal temperatures in the US will reduce heating-oil demand.
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Exxon Mobil Corp.  reported a slight decline in fourth-quarter earnings Thursday due to lower natural gas prices and shrinking profits from gasoline sales.
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Oil eased further below $64 on Tuesday   due to healthy U.S. fuel stocks, but a fresh delay to BP's   giant Thunder Horse oilfield in the Gulf of Mexico limited the   decline.
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Amid soaring crude oil prices, gasoline costs have been dropping. But don't expect that to last, economists say.
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Oil prices were little changed on Monday as investors focused on Asian stock market gains, setting aside for now worries of a potential U.S. economic recession that had knocked prices 3 percent lower late last week.
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Oil prices traded marginally lower on Wednesday ahead of key U.S. data, which was expected to show a rise in heating fuel supplies as mild winter temperatures suppressed demand in the United States.
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Oil prices eased back below $59 a barrel as investors focused on U.S. fuel data due later on Wednesday that is expected to show a rise in gasoline stocks in the world's top consumer.
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The price of a gallon of gasoline in the United States fell over the last two weeks during a seasonally slow consumption period, according to an industry analyst.
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Import prices were flat in December, with petroleum costs decreasing for the first time in four months, while export prices rose by 0.4 percent, the Labor Department reported Friday.
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The price of a gallon of regular gasoline has dropped 14 percent during the past month across the United States and in the Washington region to its lowest level since early spring, according to the AAA Mid-Atlantic automobile club.
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Bonds posted by companies with federal oil and gas leases cover only a small fraction of the projected costs of plugging wells and restoring land once the fuel is extracted, leaving taxpayers with the potential for huge cleanup bills, an Associated Press analysis of federal records shows.