Here comes $100 oil, and $3 gas

[spanone]

is bu$h* taunting Iran so Exxon-Mobil can increase their profits????



snip~NEW YORK (CNNMoney.com) -- With oil prices setting records over $90 a barrel and $100 looking ever more likely, experts say there's a good chance drivers will see $3 gasoline before the end of the year.

"Three dollar gasoline in this market is unavoidable," said Stephen Schork, publisher of the industry newsletter the Schork Report. "At this rate, we're going to see $4 a gallon."


Experts say $90 oil will likely mean $3 gas soon.

Crude oil prices have soared nearly 30 percent over the last month, mainly over fears that supply won't meet demand, a falling U.S. dollar, and what some say is a high degree of speculative investment money.
http://money.cnn.com/2007/10/26/news/economy/gas_oil/index.htm

[LeftCoast]

1. We're paying around $3.40 / gallon here

I haven't paid less than $3 / gal. in well over a year.

[spanone]

3. i guess they're talking about average prices....

[MADem]

2. Yeah, what's this "soon" nonsense? nt

[spanone]

4. that's our ever vigilant media reporting

:sarcasm:

[Zywiec]

5. Why is gas at $3 even when oil is at $50 a barrel?

Now oil doubles and gas doesn't follow suit? It never makes any sense how the pricing works.

[n2doc]

6. The Refiner's margins have decreased

But I expect that to be temporary. Since we had no serious hurricane hit the US this fall the refineries have been able to go full tilt, and apparently that has held the price of gas down, somewhat.

[spanone]

7. wait for the holidays, i imagine they'll make up ground

[RB TexLa]

11. Gasoline and Oil are two different markets

Yes the price of oil is a major factor in the cost of gasoline but there are other factors.

[SidDithers]

8. I'm paying $0.98 / litre...

which is $3.70 / gallon for regular unleaded. And that's in $CDN, so that's $3.85 USD now that the loonie is worth more than the greenback.

And I live in the country with the second largest oil reserves in the world.

It's a crazy world, ain't it?

Sid

[nadinbrzezinski]

9. I wish I could pay 3 bucks a gallon

:-)

Them were the good ol days...

[book_worm]

10. "Here comes $3 gas" many places have already had it or still have it.

[Nickster]

12. The only reason the Iranian economy is afloat is because of the crazy oil prices, they are making

a killing on this.

[madrchsod]

15. iran pumps less crude oil than the usa

they were dropping production much of this year...

[Nickster]

24. Yes, slightly less, but oil exports account for a very large portion of their economy. They depend

on oil export money a lot more than we do.

If they drop production in a strategic fashion, the price goes up, they make more money, their gov't keeps running.

[ThomWV]

13. There isn't enough world-wide demand to support $50 oil, this won't last.

Supply and demand seem so have nothing to do with oil prices anymore. Gasoline at the pump costs no more or less now than it did when crude was at $70 but less than it did when crude hit $60 - maybe someone can explain that one.

Also, remember, we are just looking at the cost on the spot market. None of the big buyers buy oil on the spot market, its all contracted for much less than the futures price we see on the news just about every day.

[kestrel91316]

14. I wish I were still paying $3.00. The way things are going, we'll never

see it that cheap again in my lifetime......

[mike_c]

16. I would dearly love to pay $3 a gallon for gas....

Those days are long gone in norcal.

[Mountainman]

17. I got a new job where I ride the bus now. I save about $500 a month.

I gave up my mountains for the city life though. Can't have it all I guess. At least I fill up about twice a month now in stead of every other day.

[Warren Stupidity]

18. Well we are about to hit the peak summer driving season.

Oh wait, that peak is out my rear view mirror. What the heck is this other peak?

[bigwillq]

19. Gas is already $3/gal in some part of CT

I just drove by a gas station and it was $2.99/gal

[stirlingsliver]

20. Pity The People Who Use Heating Oil

Pity the people who use heating oil to heat their homes.

Thank Bush for all of this.

He has to ensure that his rich oil buddies and cronies are taken care of before he leaes office, and to HELL with the rest of us.

[Matariki]

21. I *wish* gas were only $3 a gallon around here...

[SoCalDem]

22. Wow $3 gas would be a bargain here

:grr:

[SmokingJacket]

23. Who wrote that article??

Three dollar gas is everywhere.