Tuesday, April 11, 2006

It Ain't Even Summer

But gas prices are going up. Oil has more than doubled in three years. Bu$hCo did the job for his rich oil friends. The rest of us suffer. There goes the vacation, using the truck anyway.

"Reports that President Bush is studying a military strike on Iran's nuclear program drove oil prices Monday to heights not seen since Hurricane Katrina tore through the Gulf Coast last year.

Gasoline prices aren't far behind, meaning a return to $3 per gallon looks more and more likely.

Crude oil rose 2 percent Monday to close at $68.74 per barrel. That's just below last year's peak of $69.81, set the day Katrina roared ashore.

Gasoline prices, likewise, have continued to climb, jumping roughly 30 cents in the past month. A gallon of regular now averages $2.68 nationwide and $2.81 in California, according to the federal government.

Energy analysts expect both oil and gasoline to keep heading up, at least for now. Oil prices are primed to test the $70-per-barrel barrier. Some futures contracts, which give holders the right to buy oil for a set price months or years from now, already have crossed that threshold.

'Seventy is, basically, already here,' said Bill O'Grady, assistant director of market analysis at AG Edwards & Sons.

Oil traded around $30 just three years ago, back when most Americans spent about $1.50 or $1.60 for a gallon of gas."

1 comment:

Anonymous said...

I wouldn't mind paying $3 a gallon if it was 100% ethanal. Grown in the U.S. and better for the environment.