January 31, 2008
I just paid $3.48 at Kroger for a gallon of milk. I try to wait till there's a sale. I've seen milk over $5.00 a gallon in NY. Maybe the boroughs outside Manhattan have lower prices to bring the average down. But it's not just milk that's going up, so are Hershey bars, Kellog's cereals, Tyson chicken and Kraft products. When the Fed cuts out food and energy costs in their inflation scenario, there're not living in the real world.
|
Milk prices are up 36% from last winter, soaring to an average price of $4.31 a gallon in New York City.
A nationwide increase in demand for the corn-based fuel additive ethanol has led to markups on cattle feed and is partly to blame for the price spike.
"Ethanol has increased the average American's grocery bill $47 since July," said Sen. Chuck Schumer, citing figures from Iowa State University.
A gallon of milk is selling for about $4.31 in New York City, compared with $3.18 last January, according to recent figures.
|
|
– NY Daily News
We now get about one-half of Canada's total oil production every day into the U.S. Anything extra helps. |
Suncor Energy Inc., the world's second-largest oil-sands producer, plans to double its investment to boost output to C$20.6 billion ($20.7 billion).
The spending will raise oil-sands production by 200,000 barrels per day, Suncor said in a statement today. A preliminary estimate in 2005 pegged the expansion's cost at about C$10 billion. The Calgary-based company's operations are north of Fort McMurray, Alberta.
Higher oil prices, which reached a record $100.09 a barrel earlier this month in New York, are spurring a boom in projects to extract oil from Alberta's tar-like deposits.
Companies such as Royal Dutch Shell Plc, Europe's largest oil company by market value, are investing in new production because of declining output at older fields in the Gulf of Mexico and Alaska and lost production in Nigeria, Venezuela and Russia. Alberta's oil-sands fields, about 750 kilometers (466 miles) northeast of Calgary, are estimated by the provincial government to hold the largest oil reserves in the world outside Saudi Arabia. |
|
|
|
|