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Oil price jumps as US averts 'fiscal cliff'

Associated Press -- The price of oil jumped by over a dollar on Wednesday, to above $93 a barrel, after U.S. lawmakers passed legislation to avoid a "fiscal cliff" that could have pushed the world's biggest economy into recession.

The U.S. House of Representatives voted near midnight to send the bill to President Barack Obama after a frantic day of political brinksmanship in Washington.

By early afternoon in Europe, benchmark crude for February delivery was up $1.49 to $93.31 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.02 to finish at $91.82 per barrel in New York on Monday.

Economists had warned that if Congress did not take action a series of tax increases and spending cuts due to automatically start this year could have helped push the U.S. into rece

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Submitted Jan 02, 2013 By: WxVette

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PontiacLover Champion Author Victoria Posts:7,163 Points:1,860,315 Joined:Dec 2007	Message Posted: Jan 5, 2013 10:59:23 PM Ignore PontiacLover Report Abuse The press loves this.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Jan 5, 2013 4:39:58 AM Ignore honda0105 Report Abuse another lousy and thinly veiled excuse to get more money.
vcsuksu21 Champion Author Oklahoma City Posts:2,478 Points:707,980 Joined:Dec 2010	Message Posted: Jan 3, 2013 9:34:55 PM Ignore vcsuksu21 Report Abuse Surprise surprise
joebobdiddly Champion Author California Posts:4,073 Points:946,895 Joined:Jul 2010	Message Posted: Jan 3, 2013 9:08:27 AM Ignore joebobdiddly Report Abuse Ditto
rabbit_tdi Sophomore Author North Carolina Posts:135 Points:493,470 Joined:Sep 2005	Message Posted: Jan 3, 2013 7:33:00 AM Ignore rabbit_tdi Report Abuse The slackers in Congress STILL have not done anything to balance the US F. Govt. budget!
12mpgnavigator Champion Author Seattle Posts:2,779 Points:652,660 Joined:Jun 2009	Message Posted: Jan 3, 2013 6:42:50 AM Ignore 12mpgnavigator Report Abuse Happy New Year everyone!
SkooterG Champion Author Phoenix Posts:1,359 Points:329,335 Joined:May 2012	Message Posted: Jan 3, 2013 3:30:01 AM Ignore SkooterG Report Abuse Yo jkpsr. The election is over. Enough with the political posts.
rahcat Champion Author Grand Rapids Posts:2,473 Points:663,925 Joined:Jan 2010	Message Posted: Jan 3, 2013 12:14:09 AM Ignore rahcat Report Abuse Double dip anyone?
jkpsr Champion Author New Jersey Posts:4,084 Points:1,102,880 Joined:Jun 2005	Message Posted: Jan 3, 2013 12:08:37 AM Ignore jkpsr Report Abuse Leave it to the Republicans to play brinkmanship with our economy. They just cannot get over the loss in November.
pa79th Champion Author Pennsylvania Posts:1,787 Points:1,217,825 Joined:Jun 2007	Message Posted: Jan 3, 2013 12:08:13 AM Ignore pa79th Report Abuse Here comes the recession! Pray that is all it is...
naspa Champion Author Cleveland Posts:1,276 Points:353,125 Joined:Jan 2012	Message Posted: Jan 3, 2013 12:06:40 AM Ignore naspa Report Abuse No matter the news, the oil prices never jump down.
jdevlin All-Star Author Ontario Posts:798 Points:1,379,720 Joined:Sep 2008	Message Posted: Jan 3, 2013 12:06:32 AM Ignore jdevlin Report Abuse OK
cheaper0ON All-Star Author Ontario Posts:988 Points:399,030 Joined:Jan 2012	Message Posted: Jan 3, 2013 12:03:14 AM Ignore cheaper0ON Report Abuse Stupid.
Darwin00 All-Star Author Mississippi Posts:830 Points:271,155 Joined:Dec 2010	Message Posted: Jan 3, 2013 12:01:25 AM Ignore Darwin00 Report Abuse We still have a long way to go!
FortVancouver01 Champion Author Washington Posts:1,170 Points:288,045 Joined:Jul 2012	Message Posted: Jan 3, 2013 12:00:18 AM Ignore FortVancouver01 Report Abuse They will use any excuse.
clermont40miles Champion Author Cincinnati Posts:10,576 Points:1,772,940 Joined:Apr 2008	Message Posted: Jan 2, 2013 11:57:37 PM Ignore clermont40miles Report Abuse Prices dropped.
AKmailman Champion Author Alaska Posts:5,638 Points:1,558,540 Joined:Jul 2004	Message Posted: Jan 2, 2013 11:51:09 PM Ignore AKmailman Report Abuse yup, prices already went up at the pump
WanderDan All-Star Author Dayton Posts:591 Points:144,460 Joined:Nov 2012	Message Posted: Jan 2, 2013 11:47:45 PM Ignore WanderDan Report Abuse dont you people get tired blaming the President for doing what the nation agrees with? Taxes have been low to protect the rich not for the middle class. Historically low while in financial ruin... yes spending needs cut but revenue is needed. Could always go back to the tax rates under Ike.
Dodge_Me Champion Author Atlanta Posts:2,214 Points:556,980 Joined:Mar 2006	Message Posted: Jan 2, 2013 11:47:24 PM Ignore Dodge_Me Report Abuse They will find any damn reason to raise prices
WanderDan All-Star Author Dayton Posts:591 Points:144,460 Joined:Nov 2012	Message Posted: Jan 2, 2013 11:44:34 PM Ignore WanderDan Report Abuse make tiny step towards governing and oil companies call that a reason to raise prices. great logic there
gasmack Champion Author Ventura Posts:1,713 Points:668,460 Joined:Feb 2011	Message Posted: Jan 2, 2013 11:44:07 PM Ignore gasmack Report Abuse It'll come down again when debate begins on the next fiscal cliff.
beachmanglen All-Star Author Tampa Posts:679 Points:497,100 Joined:Aug 2011	Message Posted: Jan 2, 2013 11:43:36 PM Ignore beachmanglen Report Abuse Gas is still cheap, compared to the rest of the world.
Gas4Gore Champion Author Detroit Posts:2,421 Points:423,875 Joined:Jan 2010	Message Posted: Jan 2, 2013 11:37:11 PM Ignore Gas4Gore Report Abuse It was bound to happen.
BanTheEPA Sophomore Author Dayton Posts:218 Points:49,135 Joined:Jun 2008	Message Posted: Jan 2, 2013 11:36:07 PM Ignore BanTheEPA Report Abuse DEG, I don't care for Obama (or Romney)and don't defend Obama at all, but the 2% increase was temporary from the beginning and we knew that going into it. It is not an increase over what it was originally, it is going back to what it used to be and if it increased more after that then yes I would be mad. We were given a 2% break and now its over, deal with it. As far as gas prices, I have no faith that he will make any attempts to curtail them. [Edited by: BanTheEPA at 1/2/2013 11:38:20 PM EST]
defiancegasman Champion Author Ohio Posts:7,080 Points:1,323,260 Joined:May 2006	Message Posted: Jan 2, 2013 11:33:10 PM Ignore defiancegasman Report Abuse Any reason to RAISE PRICES
pgerassi Champion Author Milwaukee Posts:10,901 Points:2,132,580 Joined:Apr 2007	Message Posted: Jan 2, 2013 11:32:03 PM Ignore pgerassi Report Abuse Recession still might happen anyway.
CharlieC08 Champion Author Colorado Posts:8,077 Points:1,486,075 Joined:Oct 2008	Message Posted: Jan 2, 2013 11:29:50 PM Ignore CharlieC08 Report Abuse They smell money.
Marson Champion Author Scranton Posts:8,952 Points:2,079,135 Joined:Oct 2006	Message Posted: Jan 2, 2013 11:28:43 PM Ignore Marson Report Abuse You asked for this if you voted for Obama.
DEG Champion Author Las Vegas Posts:17,625 Points:3,495,680 Joined:Jul 2003	Message Posted: Jan 2, 2013 11:27:38 PM Ignore DEG Report Abuse What did you expect? We will be paying 2% more of our income for social security and more for gas soon (no thanks to Obama, Reid, Pelosi and their ilk).
mstearno Champion Author Dayton Posts:8,071 Points:1,732,210 Joined:Jan 2008	Message Posted: Jan 2, 2013 11:23:20 PM Ignore mstearno Report Abuse this stinks
jeskibuff Champion Author Tampa Posts:7,887 Points:1,449,110 Joined:May 2004	Message Posted: Jan 2, 2013 11:22:55 PM Ignore jeskibuff Report Abuse NemoIL said: "With Obama's massive new tax increases, our economy is heading off the cliff, but no one is talking about this danger." The media could NEVER have any bad word about Obozo's screw-ups. We're going to see many disasters over the next 4 years. Some will be products of the FIVE TRILLION DOLLARS he's already blown recklessly, but we're sure to get more of his idiotic ideas rammed down our throats. Of course, when it all falls apart, the liberals will all blame Republicans. That's what they did when the economy fell apart in 2008 - they blamed it on Bush, but it was Dumbocrats who were primarily responsible for the meltdown.
69Bonne Champion Author Gary Posts:1,155 Points:474,125 Joined:Sep 2005	Message Posted: Jan 2, 2013 11:20:56 PM Ignore 69Bonne Report Abuse I agree, a total crock. It's not going to provide any more money for us. Just another speculator excuse.
KhelbenArunson Champion Author Michigan Posts:4,446 Points:718,615 Joined:Apr 2008	Message Posted: Jan 2, 2013 11:18:56 PM Ignore KhelbenArunson Report Abuse What a total crock of BS.
sydb7 Champion Author Atlanta Posts:3,557 Points:1,919,755 Joined:Mar 2003	Message Posted: Jan 2, 2013 11:18:44 PM Ignore sydb7 Report Abuse We need lower gas prices!
scotty1972 Rookie Author Twin Cities Posts:5 Points:29,675 Joined:Apr 2011	Message Posted: Jan 2, 2013 11:18:21 PM Ignore scotty1972 Report Abuse OK.........BEND OVER !!!!!
BanTheEPA Sophomore Author Dayton Posts:218 Points:49,135 Joined:Jun 2008	Message Posted: Jan 2, 2013 11:13:09 PM Ignore BanTheEPA Report Abuse Although any increase in oil prices is unwelcome and harmful to the economy, at current prices, a one or two dollar increase is definitely not a "jump". This is the media trying to spread hype and panic to an already troubled market. These are also the same people that will tell you a 25¢ decrease constitutes a plummet in the market.
PontiacLover Champion Author Victoria Posts:7,163 Points:1,860,315 Joined:Dec 2007	Message Posted: Jan 2, 2013 11:09:30 PM Ignore PontiacLover Report Abuse Stunning that the press made such a deal out of this...when everyone knew there would be a last second deal. This isn't the NHL after all. Saner heads will always put the looming fiscal crisis off for another 2-3 years instead of dealing with it now. Hello...Greece, France, Spain.
Carol7777 All-Star Author Houston Posts:727 Points:148,210 Joined:Dec 2012	Message Posted: Jan 2, 2013 11:06:25 PM Ignore Carol7777 Report Abuse It's unfortunate the not "going off the cliff" has to mean higher gas prices. However, it not only excited the gas market but the entire stock market.
Buddy2264 Champion Author Tampa Posts:11,659 Points:2,360,945 Joined:Oct 2005	Message Posted: Jan 2, 2013 11:05:04 PM Ignore Buddy2264 Report Abuse Good for investors, I guess, bad for fuel prices in the long run.
LuckyLou1 Veteran Author Colorado Posts:420 Points:181,320 Joined:Oct 2012	Message Posted: Jan 2, 2013 11:02:31 PM Ignore LuckyLou1 Report Abuse Prices still falling here but not under $3 yet
serrog Champion Author Nova Scotia Posts:5,569 Points:1,513,105 Joined:Oct 2008	Message Posted: Jan 2, 2013 11:02:24 PM Ignore serrog Report Abuse Not unexpected
mrbee Champion Author Little Rock Posts:3,759 Points:2,466,805 Joined:Oct 2005	Message Posted: Jan 2, 2013 11:02:12 PM Ignore mrbee Report Abuse Of course
sickhp Champion Author San Antonio Posts:1,379 Points:517,880 Joined:Sep 2011	Message Posted: Jan 2, 2013 11:00:01 PM Ignore sickhp Report Abuse Drill baby drill in all of Ameirca.
wayoung56 Champion Author Alabama Posts:2,805 Points:819,310 Joined:Oct 2006	Message Posted: Jan 2, 2013 10:57:32 PM Ignore wayoung56 Report Abuse More profit scalping in progress...
abcdMA Champion Author Worcester Posts:7,927 Points:1,575,955 Joined:Nov 2008	Message Posted: Jan 2, 2013 10:56:32 PM Ignore abcdMA Report Abuse And gas jumped 8 cents in one day here
rjoeh Champion Author Michigan Posts:7,081 Points:2,470,965 Joined:Jun 2004	Message Posted: Jan 2, 2013 10:47:05 PM Ignore rjoeh Report Abuse i would disagree... The fiscal cliff ( a fabrication of Obama ) has not been averted... just delayed and its impact on the country will get worse the longer efforts to curb spending are delayed. Eventually, we will be known as the greek states of America.
30mpg80 Champion Author Lexington Posts:10,035 Points:1,487,855 Joined:Nov 2008	Message Posted: Jan 2, 2013 10:45:05 PM Ignore 30mpg80 Report Abuse It will go back down soon, when the idiot speculators realize we will be using less gasoline.
lowspeed All-Star Author Akron Posts:726 Points:201,280 Joined:Aug 2008	Message Posted: Jan 2, 2013 10:41:49 PM Ignore lowspeed Report Abuse WHY?????
seahawks Champion Author Washington Posts:3,232 Points:1,964,720 Joined:Sep 2005	Message Posted: Jan 2, 2013 10:38:41 PM Ignore seahawks Report Abuse very simple, it is called greed!!!
toadNY Champion Author Albany Posts:7,047 Points:1,514,125 Joined:Apr 2008	Message Posted: Jan 2, 2013 10:34:39 PM Ignore toadNY Report Abuse Explains the price increase in gas today.