Energy Literacy Advocates Newsroom

The Associated Press - NEW YORK (AP) — Oil prices rose Wednesday despite another government report showing that U.S. crude stockpiles are growing as consumers and business slash spending on energy.

Traders on the New York Mercantile Exchange instead looked to Washington, where the House was expected to approve an $816 billion economic stimulus plan that could help jump-start the ailing economy.

Supporters of the massive stimulus bill say it would create up to 4 million jobs. The bill, which includes roughly $550 billion in spending and $275 billion in tax cuts, could be signed by President Barack Obama by mid-February. If so, it would lead to more energy spending by manufacturers as they ramp up production, and perhaps millions of Americans who have lost jobs since last year.

To read the full AP News Release, click here.

Labels: economy, oil price, oil supply/demand