3/18/05 Say It Isn't So
Last month's U.S. import prices rose 6.1% year-over-year with oil import prices up 0.8%. Meanwhile, our export prices were flat. That doesn't make for good news on company margins.
Yesterday, gas prices at the pump reached a new all-time high with a national average of $2.055 a gallon.
Last year, China's imports of crude grew by 34.8% over the year ago period. They get 50% of their crude supplies from the Middle East, while the U.S. gets but 10%.