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Crude Oil ends 2008 @ $45 a barrel

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Commodity Online

NEW YORK: World oil prices ended trading for 2008 below $45 a barrel in New York, rose 14 percent on the final trading day in thin pre-holiday trade.

US crude oil futures for February settled up $5.57 to $44.60 per barrel, but were down 54% from the $95.98 on the last day in 2007.

In London, February Brent crude jumped $5.44 to end the year at $45.59 a barrel on the ICE Futures exchange.

In other Nymex trading, gasoline futures rose 12.29 cents, to settle at $1.01 a gallon. Heating oil rose 11.77 cents to settle at $1.4057 a gallon, while natural gas for February delivery tumbled 23.7 cents to settle at $5.622 per 1,000 cubic feet.

Last year saw record high prices in July above $147 a barrel crash to the year’s low of $32.40 on 19 December as the global recession dissolved world demand.

Weekly US inventory data on Wednesday showed a decline in refinery activity and a 500,000 barrel rise in crude stocks, compared with forecasts for a 1.5 million barrel decrease.

Inventories of refined products also rose, though less than analysts had expected.Gasoline stockpiles increased by 800,000 barrels, less than forecasts for a 1.5 million barrel build, while distillates rose by 700,000 barrels, below expectations for a 1.1 million barrel increase.

Demand for both gasoline and distillates, which include heating oil, was lower than the same time a year ago, extending the trend for reduced consumption.

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  1. We really need to get on about the business of becoming energy independent. This past year and the record gas prices played a huge part in our economic meltdown and seriously damaged our economy and society.We keep planning to spend BILLIONS on bailouts and stimulus plans.Bail us out of our dependence on foreign oil. Make electric plug in car technology more affordable. It cost the equivalent of 60 cents a gallon to drive an electric plug in car. The electric could be generated from wind or solar. If all gasoline cars, trucks, and suv’s instead had plug-in electric drive trains, the amount of electricity needed to replace gasoline is about equal to the estimated wind energy potential of the state of North Dakota. Get with it! Utilize free sources such as wind and solar. Stop throwing away money on things that don’t work. Invest in America and it’s energy independence. Create cheap clean energy, create millions of badly needed green collar jobs. Put America back to work. It is a win-win situation. We have to become more proactive citizens, educate ourselves and demand our elected officials move this country forward into the era of energy independence. Jeff Wilson’s new book The Manhattan Project of 2009 Energy Independence NOW outlines a plan for America to wean itself off oil. We need a plan and we need it now! http://www.themanhattanprojectof2009.com

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