Oil Prices to Reach All-Time High
(Farm Futures) Even without VEETC ethanol is still making gasoline cheaper
In its monthly short-term outlook, the Energy Department expects U.S. benchmark crude oil prices to average over $100 a barrel in 2012 and touch an all-time high amid rising demand as global economies grow. This report signals continuing high energy costs for farmers already squeezed by increasingly expensive fuel.
…The American Farm Bureau Federation says it will cost a farmer nearly $1,040 to fill the 270-gallon tank on a Case IH 9370 tractor with diesel. That’s up 43% from 2010 and up 77% from 2009.
…The U.S. Energy Department expects China and the Middle East to lead growth in global petroleum consumption over the next two years. Additionally, any supply disruptions in key producing regions could spike oil prices higher. READ MORE