Originally published November 29 2005
U.S. oil prices stabilize as economy shows signs of strength
by Mike Adams, the Health Ranger, NaturalNews Editor
Economist Kurt Karl of Swiss Re in New York points to increased consumer and government spending as factors that helped drive oil prices back down to $61 a barrel.
Oil held near $61 a barrel after data showed the United States was shrugging off high oil prices and the rapidly expanding Chinese market was burning more fuel.
Strong spending by US consumers and the government helped power faster-than-expected 3.8 per cent annual growth in the third quarter, overcoming the impact of hurricanes and oil prices that touched a record high of $70.85 in late August.
"This is a very positive, strong report and encouraging because it included Katrina and a spike in oil prices and we still just seem to have a lot of momentum going into the fourth quarter," said economist Kurt Karl of Swiss Re in New York.
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