Oil Prices Rise as Americans' Confidence Improves

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gas pricesNEW YORK -- The price of oil is rising around midday on a report that shows Americans' perception of the economy is improving.

Benchmark crude is up 48 cents to $85.57 around noon EST.

The Thomson Reuters/University of Michigan consumer sentiment index reveals that Americans feel better about the state of the world's largest economy than any point in the last five years.

Elected officials are also speaking Friday about ways to avoid the so-called fiscal cliff, a slew of tax increases and spending cuts that would take effect in January. It's believed that a lack of compromise in Washington on reducing the budget deficit would send the fragile economy back into recession.

Meanwhile, AAA says the nationwide average for gasoline fell to $3.456 a gallon, the lowest since July 21.



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Big John

It is amazing to me that for eight years of Cllinton gas ran between $1.00 and $1.25 a gallon. Here comes Bush and gas goes to $4.25 a gallon and will never go back where it should be again. Bush just happen to be an oil man, the greatess American rip off in history.

November 12 2012 at 9:37 PM Report abuse rate up rate down Reply
marine1942

So now it is confidence in the economy ? Before it was the "greedy" oil barons.
Huff post will be forever telling the Obama lies

November 12 2012 at 7:40 AM Report abuse +1 rate up rate down Reply
1 reply to marine1942's comment
cpo1514

And Libya was not an attack on America... it was work place violence... right Barry & Spinners for the Occupant/

November 12 2012 at 9:17 AM Report abuse +2 rate up rate down Reply
de6116

So is that the throttle on the american economy? If it is, what is our defense?

November 10 2012 at 8:20 PM Report abuse rate up rate down Reply
Gumby

People stil thinks that they can use more an dmore oil while telling producers to get oil prices down . This just doesnt jive!! the only way you can get oil prices to come down is to use less ... Start counting how many gallons you buy every month and try to cut 10% next month and then see what happens next. You will be amazed at how oilprices come down... or even gasoline prices and nat gas and fuel oil! Look, refiners switch between gasoline and fuel oil on seasonal cycles... If you use more gasoline , the refiners do not have enough time to produce enough for you as they have to switch to fuel oil for winter. We havent built any more new refineries in past 30 or 50 years !!!! They are expensive to build !! Lots of alloy steels to withstand the corrosive oil flowing through pipes and valves... to be refined! Thi s is whyt oil prices come down while gasoline goes up because of switching between gasoline and fuel oil . Traders know how much is left and bid up prices to prevent you from using more as you like or we will run out of gasoline or fuel oil and end up stuck waiting in lines for ration gasoline. Americans has to learn to stay home more often or ride public transporation or share rides whatever.. Rising gasoline prices is very bad for consumers . Drilling more wont make no difference, buddy!

November 10 2012 at 2:27 PM Report abuse -1 rate up rate down Reply
Gumby

Good news !!! Oil prices is going up!! DuH? consumer confidence improves? Good ! Oil prices goes up? Bad!! want oil prices to come down? Stay home!

November 10 2012 at 2:20 PM Report abuse rate up rate down Reply
Gumby

Good news !!! Oil prices is going up!! DuH?

November 10 2012 at 2:17 PM Report abuse rate up rate down Reply
itmytocents

LOL

November 09 2012 at 9:48 PM Report abuse rate up rate down Reply
itmytocents

LOL

November 09 2012 at 9:48 PM Report abuse rate up rate down Reply
itmytocents

LOL

November 09 2012 at 9:48 PM Report abuse rate up rate down Reply
white41990

In order to prevent gas prices from going out of control and resulting in $4.0+ gas prices like we have saw in the past we need to stop the federal reserve from turning to QE and printing more money and also increase interest rates that will make it more costly and risky for investors to place higher bids that end up increasing the price at the pump, until interest rates increase to where a real healthy economy needs them to be at, not what a housing market necessarly likes fuel prices will only continue to get worse as investors use commodities as a quick way to make a buck with lower interest rates that do almost nothing for them with their financial investments.

November 09 2012 at 7:14 PM Report abuse +3 rate up rate down Reply