The severe weather will put up price of fuel and heating oil and electricity in some places, but once the weather improves, there should be no reason.
To reduce the oil price, some of the strategic reserves ought to be released onto the market to bring the price down, that should be a purpose. The price at $106 for WTI and $123 for Brent Ice should warrant that, otherwise what is the strategy? As airlines have come under pressure, and trucking companies complain they are eating into their profits just to keep operating, it is time to consider the growing economic impact of high oil prices. They are only helping the oil majors and the market makers, and draining the rest of the world dry. People are working harder to stand still, and that is not conducive to future prosperity.
Those who like to see a resumption of worldwide economic Recovery should keep lower oil prices as top priority on their agenda. Ideally, $85 a barrel would form the basis of a broad, worldwide economic Recovery, where even developing nations have a chance to catch up. It would certainly do the developed world a lot of good.
Please let me know your comments.