Middle East turmoil pushing oil higher again

  • By JONATHAN FAHEY
    Associated Press
  • Friday, July 20th, 2012
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A fuel delivery truck leaves Arkansas Terminaling and Trading storage facility earlier this month after taking on a load for gasoline and diesel fuel in North Little Rock, Ark. For oil and gas companies, the math was simple in the second quarter: lower prices equal lower profits.With gasoline prices averaging more than $3.40 per gallon nationwide, and oil around $90 a barrel, it may be hard to believe oil companies are under duress. Most will report profits measured in the billions of dollars for the quarter.

A fuel delivery truck leaves Arkansas Terminaling and Trading storage facility earlier this month after taking on a load for gasoline and diesel fuel in North Little Rock, Ark. For oil and gas companies, the math was simple in the second quarter: lower prices equal lower profits.With gasoline prices averaging more than $3.40 per gallon nationwide, and oil around $90 a barrel, it may be hard to believe oil companies are under duress. Most will report profits measured in the billions of dollars for the quarter.