Millions of U.S. consumers have recently observed the hike in the gas prices. One of the reason is the severe weather across much of the United States and Europe. Now, add to that the fact that Sunday the Mexico's oil ports remained closed due the the inclement weather.
There are three main oil ports that remained closed in Mexico. This is in the gulf area. The information came from the Ministry of Communications and Transportation of Mexico. These ports are the main oil exporting ports of Mexico and may have direct effect on gas prices in their export destinations.
Two of these three oil terminals, Cayo Arcas and Dos Bocas were closed yesterday. The third one at Coatzacoalcos suspended its operations since Friday. They remained closed today, Sunday the 10th
United States, according to Reuters report, is the top destination of oil shipment from these ports. Nearly 97 percent of all the oil shipped from these ports come to the United States.
Considering this information, it is not surprising that the gas prices have risen in the United States. On average they have jumped 14 cents. The average gas price in the United States is 2.74 dollars.
The weak job data for December 2009 helped to curb the oil prices a little bit. Otherwise, if we had a strong job data and this type of weather, the oil and gas prices would have been higher.
Written by Armen Hareyan
HULIQ.com
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