After dipping to its lowest level in years, the price of oil may have bottomed out. Reuters reports prices rose again on Tuesday behind expectations of diminished oil supplies. That will come as welcome news, if little consolation, for oil-field service companies in Osage County hard hit by the recent downturn in the industry.
Originally published on Tue February 3, 2015 11:27 am
When oil prices shot up a few years ago, many transportation and delivery businesses started adding fuel surcharges to their prices.
Now, fuel prices are plunging, but lots of those surcharges still linger, and consumer advocates are crying foul.
The drop in the cost of oil is a huge factor in the airline industry, where 30 percent of all expenses are for fuel. But airlines, along with other industries with large fuel expenses, have been slow to respond with lower prices.