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Article: Oil prices seep into economy; We Energies asks to boost rates as crude touches $111
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- March 14, 2008
- Author:
CopyrightCopyright 2008 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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The price of crude oil surged to a trading record of $111 a
barrel Thursday, continuing a run-up that has led to record gasoline
prices and high home heating costs while sending expensive ripples
through the economy.
The latest example: We Energies of Milwaukee asked state
regulators to approve an increase of $79 million in electricity
rates. That would be an increase of $2.24 a month, or 2.6%, in the
average residential consumer's bill.
A key reason for the request is the record price of diesel fuel
used by trains carrying coal from Wyoming's Powder River Basin to
the utility's coal-fired power plants.
Some energy analysts expect the pain to continue. The federal
Energy Information ...