January 16, 2008
Oil Prices Rise as Temperature Plummets
In the frigid Northeastern United States, homeowners prepare to tighten their belts as forecasters have predicted much lower temperatures in the region in the recent future. As the consumer of 80% of the world's heating oil, the Northeastern United States often serves as a barometer for the raising and lowering of the price of oil across the world. The Midwestern states are dreading an approaching cold front as well, and as a large user of natural gas, are expecting to see those prices jump in reaction to forecasts as well.
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