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GasBuddy News Article

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Oil price jumps as US averts 'fiscal cliff'

Associated Press -- The price of oil jumped by over a dollar on Wednesday, to above $93 a barrel, after U.S. lawmakers passed legislation to avoid a "fiscal cliff" that could have pushed the world's biggest economy into recession.

The U.S. House of Representatives voted near midnight to send the bill to President Barack Obama after a frantic day of political brinksmanship in Washington.

By early afternoon in Europe, benchmark crude for February delivery was up $1.49 to $93.31 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.02 to finish at $91.82 per barrel in New York on Monday.

Economists had warned that if Congress did not take action a series of tax increases and spending cuts due to automatically start this year could have helped push the U.S. into rece


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Submitted Jan 02, 2013 By: WxVette
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Author Topic: Oil price jumps as US averts 'fiscal cliff' Back to Topics
REPLIES (newest first) Post a Reply
PontiacLover
Champion Author Victoria

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Message Posted: Jan 5, 2013 8:59:23 PM

The press loves this.
honda0105
Champion Author Tallahassee

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Message Posted: Jan 5, 2013 2:39:58 AM

another lousy and thinly veiled excuse to get more money.
vcsuksu21
Champion Author Virginia

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Message Posted: Jan 3, 2013 7:34:55 PM

Surprise surprise
joebobdiddly
Champion Author California

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Message Posted: Jan 3, 2013 7:08:27 AM

Ditto
rabbit_tdi
Sophomore Author North Carolina

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Message Posted: Jan 3, 2013 5:33:00 AM

The slackers in Congress STILL have not done anything to balance the US F. Govt. budget!
12mpgnavigator
Champion Author Seattle

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Message Posted: Jan 3, 2013 4:42:50 AM

Happy New Year everyone!
SkooterG
Champion Author Phoenix

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Message Posted: Jan 3, 2013 1:30:01 AM

Yo jkpsr. The election is over. Enough with the political posts.
rahcat
Champion Author Grand Rapids

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Message Posted: Jan 2, 2013 10:14:09 PM

Double dip anyone?
jkpsr
Champion Author New Jersey

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Message Posted: Jan 2, 2013 10:08:37 PM

Leave it to the Republicans to play brinkmanship with our economy. They just cannot get over the loss in November.
pa79th
Champion Author Pennsylvania

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Message Posted: Jan 2, 2013 10:08:13 PM

Here comes the recession! Pray that is all it is...
naspa
Champion Author Cleveland

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Message Posted: Jan 2, 2013 10:06:40 PM

No matter the news, the oil prices never jump down.
jdevlin
All-Star Author Ontario

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Message Posted: Jan 2, 2013 10:06:32 PM

OK
cheaper0ON
Champion Author Ontario

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Message Posted: Jan 2, 2013 10:03:14 PM

Stupid.
Darwin00
Champion Author Mississippi

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Message Posted: Jan 2, 2013 10:01:25 PM

We still have a long way to go!
FortVancouver01
Champion Author Washington

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Message Posted: Jan 2, 2013 10:00:18 PM

They will use any excuse.
clermont40miles
Champion Author Cincinnati

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Message Posted: Jan 2, 2013 9:57:37 PM

Prices dropped.
AKmailman
Champion Author Alaska

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Message Posted: Jan 2, 2013 9:51:09 PM

yup, prices already went up at the pump
WanderDan
All-Star Author Dayton

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Message Posted: Jan 2, 2013 9:47:45 PM

dont you people get tired blaming the President for doing what the nation agrees with? Taxes have been low to protect the rich not for the middle class. Historically low while in financial ruin... yes spending needs cut but revenue is needed. Could always go back to the tax rates under Ike.
Dodge_Me
Champion Author Atlanta

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Message Posted: Jan 2, 2013 9:47:24 PM

They will find any damn reason to raise prices
WanderDan
All-Star Author Dayton

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Message Posted: Jan 2, 2013 9:44:34 PM

make tiny step towards governing and oil companies call that a reason to raise prices. great logic there
gasmack
Champion Author Ventura

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Message Posted: Jan 2, 2013 9:44:07 PM

It'll come down again when debate begins on the next fiscal cliff.
beachmanglen
Champion Author Tampa

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Message Posted: Jan 2, 2013 9:43:36 PM

Gas is still cheap, compared to the rest of the world.
Gas4Gore
Champion Author Detroit

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Message Posted: Jan 2, 2013 9:37:11 PM

It was bound to happen.
BanTheEPA
Veteran Author Dayton

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Message Posted: Jan 2, 2013 9:36:07 PM

DEG,

I don't care for Obama (or Romney)and don't defend Obama at all, but the 2% increase was temporary from the beginning and we knew that going into it. It is not an increase over what it was originally, it is going back to what it used to be and if it increased more after that then yes I would be mad. We were given a 2% break and now its over, deal with it.

As far as gas prices, I have no faith that he will make any attempts to curtail them.

[Edited by: BanTheEPA at 1/2/2013 11:38:20 PM EST]
defiancegasman
Champion Author Ohio

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Message Posted: Jan 2, 2013 9:33:10 PM

Any reason to RAISE PRICES
pgerassi
Champion Author Milwaukee

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Message Posted: Jan 2, 2013 9:32:03 PM

Recession still might happen anyway.
CharlieC08
Champion Author Colorado

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Message Posted: Jan 2, 2013 9:29:50 PM

They smell money.
Marson
Champion Author Scranton

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Message Posted: Jan 2, 2013 9:28:43 PM

You asked for this if you voted for Obama.
DEG
Champion Author Las Vegas

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Message Posted: Jan 2, 2013 9:27:38 PM

What did you expect? We will be paying 2% more of our income for social security and more for gas soon (no thanks to Obama, Reid, Pelosi and their ilk).
mstearno
Champion Author Dayton

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Message Posted: Jan 2, 2013 9:23:20 PM

this stinks
jeskibuff
Champion Author Tampa

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Message Posted: Jan 2, 2013 9:22:55 PM

NemoIL said: "With Obama's massive new tax increases, our economy is heading off the cliff, but no one is talking about this danger."

The media could NEVER have any bad word about Obozo's screw-ups. We're going to see many disasters over the next 4 years. Some will be products of the FIVE TRILLION DOLLARS he's already blown recklessly, but we're sure to get more of his idiotic ideas rammed down our throats. Of course, when it all falls apart, the liberals will all blame Republicans. That's what they did when the economy fell apart in 2008 - they blamed it on Bush, but it was Dumbocrats who were primarily responsible for the meltdown.
69Bonne
Champion Author Gary

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Message Posted: Jan 2, 2013 9:20:56 PM

I agree, a total crock. It's not going to provide any more money for us. Just another speculator excuse.
KhelbenArunson
Champion Author Michigan

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Message Posted: Jan 2, 2013 9:18:56 PM

What a total crock of BS.
sydb7
Champion Author Atlanta

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Message Posted: Jan 2, 2013 9:18:44 PM

We need lower gas prices!
scotty1972
Rookie Author Twin Cities

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Message Posted: Jan 2, 2013 9:18:21 PM

OK.........BEND OVER !!!!!
BanTheEPA
Veteran Author Dayton

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Message Posted: Jan 2, 2013 9:13:09 PM

Although any increase in oil prices is unwelcome and harmful to the economy, at current prices, a one or two dollar increase is definitely not a "jump". This is the media trying to spread hype and panic to an already troubled market. These are also the same people that will tell you a 25ยข decrease constitutes a plummet in the market.
PontiacLover
Champion Author Victoria

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Message Posted: Jan 2, 2013 9:09:30 PM

Stunning that the press made such a deal out of this...when everyone knew there would be a last second deal. This isn't the NHL after all.

Saner heads will always put the looming fiscal crisis off for another 2-3 years instead of dealing with it now. Hello...Greece, France, Spain.
Carol7777
Champion Author Houston

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Message Posted: Jan 2, 2013 9:06:25 PM

It's unfortunate the not "going off the cliff" has to mean higher gas prices. However, it not only excited the gas market but the entire stock market.
Buddy2264
Champion Author Tampa

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Message Posted: Jan 2, 2013 9:05:04 PM

Good for investors, I guess, bad for fuel prices in the long run.
LuckyLou1
Champion Author Colorado

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Message Posted: Jan 2, 2013 9:02:31 PM

Prices still falling here but not under $3 yet
serrog
Champion Author Nova Scotia

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Message Posted: Jan 2, 2013 9:02:24 PM

Not unexpected
mrbee
Champion Author Little Rock

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Message Posted: Jan 2, 2013 9:02:12 PM

Of course
sickhp
Champion Author San Antonio

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Message Posted: Jan 2, 2013 9:00:01 PM

Drill baby drill in all of Ameirca.
wayoung56
Champion Author Alabama

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Message Posted: Jan 2, 2013 8:57:32 PM

More profit scalping in progress...
abcdMA
Champion Author Worcester

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Message Posted: Jan 2, 2013 8:56:32 PM

And gas jumped 8 cents in one day here
rjoeh
Champion Author Michigan

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Message Posted: Jan 2, 2013 8:47:05 PM

i would disagree... The fiscal cliff ( a fabrication of Obama ) has not been averted... just delayed and its impact on the country will get worse the longer efforts to curb spending are delayed. Eventually, we will be known as the greek states of America.
30mpg80
Champion Author Lexington

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Message Posted: Jan 2, 2013 8:45:05 PM

It will go back down soon, when the idiot speculators realize we will be using less gasoline.
lowspeed
Champion Author Akron

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Message Posted: Jan 2, 2013 8:41:49 PM

WHY?????
seahawks
Champion Author Washington

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Message Posted: Jan 2, 2013 8:38:41 PM

very simple, it is called greed!!!
toadNY
Champion Author Albany

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Message Posted: Jan 2, 2013 8:34:39 PM

Explains the price increase in gas today.
yyc2yow
Champion Author Ottawa

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Message Posted: Jan 2, 2013 8:33:52 PM

wow that's a surprise
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