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Page added on January 29, 2010

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Energy prices fall so far in 2010

NEW YORK (AP) — For the past several months, oil prices have soared on the expectation that China would soon lead a new race for natural resources.

But government data released so far this year has told a different story, and oil has tumbled nearly $10 a barrel in the first month of 2010.

Americans are burning less gasoline than they did a year ago, according to a report this week from the Energy Information Administration. The EIA says the country’s appetite for petroleum products has dropped every week this month. And while China should expand petroleum consumption this year, a decision to rein in risky bank loans and cool down its economy may curb China’s energy appetite.

“What’s been driving oil prices is the promise of Chinese economic growth,” said Phil Flynn, an analyst with PFGBest. “But its demand numbers are very suspect right now.”

AP



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