----- Original Message ----- From: Mark Jones <[EMAIL PROTECTED]> To: crl1 <[EMAIL PROTECTED]> Sent: Tuesday, June 13, 2000 7:59 AM Subject: MLL: Oil prices soar above $30 level BY CARL MORTISHED, INTERNATIONAL BUSINESS EDITOR CRUDE oil prices soared above $30 per barrel yesterday amid signs that the rising cost of petrol is brewing a political storm. In London, the price of a barrel oil rose by 85 cents to $30.43 while on New York's NYMEX exchange it gained $1.30 to $31.50 per barrel as concerns mounted that Opec will fail to raise output at its June 21 meeting. US government officials yesterday accused refiners, including BP Amoco and Exxon Mobil, of charging "unfair prices" in the Midwest. Gasoline prices have soared to record highs of more than $2 per gallon in Chicago prompting an investigation by officials of the US Energy Department and Environmental Protection Agency. "The prices being charged are unfair and inappropriate," said an EPA official. The US action follows the launch of an inquiry in France into domestic oil prices. Laurent Fabius, the Finance Minister, summoned France's major oil companies to justify price and profit margins after complaints from consumers. The UK suffers among the highest oil prices in Europe because of the huge tax take of the Treasury but British consumers have also suffered as retailers seek to restore margin lost in the vicious price wars of a year ago. According to Oil Price Assessment Limited, the consultancy, the average price of unleaded petrol has risen by 12 per cent or 8.8p to 84.2p per litre since the beginning of January but the price excluding taxes has gained 5.8p or 34 per cent. Peter Regnier of Opal reckons the changed attitude of the hypermarkets has kept price-cutting at bay: "Previously, they didn't seek to make money on petrol but now they are happy to have a good margin to pay for the intense competition on foodstuffs and financial services." Bullish oil traders expect the crude price to continue its rise as doubts increase over Opec's willingness to use its new price mechanism to calm the market. The price has breached the 20-day $28 threshold with no indication that an output increase is forthcoming. The Times 12.06.00 Mark Jones http://www.egroups.com/group/CrashList --- from list [EMAIL PROTECTED] ---
