The Latest from the Oil Patch
By John Durkee
Tulsa, OK – The price of crude oil is bouncing all over the place and that is causing our gasoline prices to do the same. Tulsan Dewey Bartlett, Junior is the president and CEO of Tulsa based Keener Oil. He says the price of oil has jumped about $10 a barrel within a month. He believes the spikes are brought on by what some see as an economic recovery.
But, if you are like most people you don't buy your oil by the barrel. Instead, you buy its gasoline by-product by the tank full. Chuck Mai with the AAA auto club, in Oklahoma City agrees, with Bartlett's assessment. He says the perception of a rebounding economy that has prices escalating.
Bartlett cautions that prices could dramatically increase based on the demand, especially in China. By the end of summer you could be paying much more for your petroleum products.