Buyers pay more for expensive cooking oil as price war intensifies

Buyers are paying more for costly cooking oil because of rising oil costs and a glut of the product, according to a report Thursday.

The price of the cooking oil rose more than 50% over the past year to $2.99 per gallon on Friday from $2,500 last year, according a survey by Bloomberg and Euromonitor International.

That’s more than double the price for comparable gasoline or diesel.

Gasoline has dropped to $3.05 per gallon in the last month and diesel to $1.93 per gallon, according data from IHS Automotive.

The price of oil rose because of the surge in prices of natural gas and oil, said Kevin Tofel, a research analyst with Euromonitors.

Oil prices are expected to continue to rise as the glut of oil increases, as well as the U.S. Federal Reserve’s efforts to boost inflation, the survey said.

While oil prices remain depressed, the economy continues to add jobs and the federal government is cutting back on government benefits for the poor.

“I think that a lot of people are feeling the pain, and that’s why people are buying oil, especially with the current glut,” said Stephen C. Trombley, an economist with the Boston Consulting Group.

More:Read moreOn the other hand, the oil industry’s stock price has soared.

Brent crude, the benchmark for oil, rose more more than 10% Friday on hopes of a rebound in prices.

Investors are also buying oil from China, which has been tightening its policies on oil imports and has boosted production.

In August, China surpassed the U and Canada as the world’s biggest oil producer and exporter.

It’s also expanding production of liquefied natural gas (LNG), a cleaner fuel that’s cheaper than oil.

On Thursday, LNG shipments to Japan fell 5% from a year ago, the biggest drop since 2009.

The drop comes as the government announced new restrictions on LNG imports from Japan.

China and Japan are among the world top producers of LNG, and their exports account for nearly a quarter of global supply.

Japan’s economy shrank in the third quarter of 2016 as a result of the global financial crisis.

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