5 ETFs to Hedge Against Skyrocketing Gas Prices
Wednesday, April 14th, 2010Michael Johnston submits:
Warm weather across much of the U.S. in recent weeks has marked the end of winter and the start of spring. It also signals that the summer driving season is quickly approaching, and kicks off a period of time when oil prices are closely scrutinized. Last year saw below average oil demand as consumers tightened their budgets in the midst of a still uncertain economic environment. With a recovery now well underway, estimates for the upcoming vacation season have been all over the board; some analysts expect a surge from consumers while others anticipate another year of conservative budgeting and relatively empty freeways.
On Tuesday, the Paris-based International Energy Agency warned that rising oil prices could hinder recovery efforts in developed nations. The IEA also raised its 2010 global oil demand forecast by about 30,000 barrels a day, citing increased consumption primarily in China and Saudi Arabia. Global oil demand is expected to grow by 1.7 million barrels per day this year to 86.6 million barrels, which would be the highest level ever recorded.
