Global| Aug 28 2002Crude Oil Prices Up
by:Tom Moeller
|in:Economy in Brief
Summary
Crude oil prices fell slightly during the past week, but concerns over supply disruptions have raised the spot market price of West Texas Intermediate crude more than 60% since the lows set early this year. Wholesale gasoline prices [...]
Crude oil prices fell slightly during the past week, but concerns over supply disruptions have raised the spot market price of West Texas Intermediate crude more than 60% since the lows set early this year.
Wholesale gasoline prices have been similarly strong up 56% during the period, and fuel oil prices are up 43%.
Through July the CPI for energy had risen 8.2% YTD, held back by a 1% decline in piped gas and electricity costs.
| Daily Crude Oil Prices | 8/27/02 | 7/26/02 | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| West Texas Intermediate Crude Oil | $28.85 | $26.58 | 6.1% | $25.97 | $30.34 | $19.34 |
by Tom Moeller August 28, 2002
The US Congressional Budget Office issued an update of its outlook for the Federal Budget for the next ten years. For the complete report, go to the website below. http://www.cbo.gov/showdoc.cfm?index=3735&sequence=0
The budget in 2002 is now expected to run a deficit of $157B. That's versus a March estimate of a $46B deficit and a January estimate of a $313B surplus. The budget is expected to return to surplus in 2006.
For the ten years ended 2012, surpluses are expected to total $1,015 trillion. That's versus a March estimate of $2,380 trillion. Lowered revenue estimates account for roughly half of the revision, and most fall in the "technical" category. Nearly half of the raised spending total is accounted for by a higher estimate of "debt service."
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
More Economy in Brief
