Oil Watch: 12/10/07 - 12/15/07 Prices, Causes and Effects

Closing price: $91.27 per barrel (up)
National gas average: $3.00 (down)

Though oil prices went up this week, they are still on a relatively downward trend.

Causes:
1. Stronger dollar
The dollar was unusually strong this week.
2. Concerns over U.S. economy
There are concerns that increased fuel prices along with other problems are slowing the U.S. economy, and therefore the U.S.’s oil demand.

Effects:
Prices are staying in about the same price range, though prices rose slightly this week. Prices will continue to stay steady, if not drop.