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While U.S. gasoline prices have been on the rise for the past two months — and are presently $0.15/gallon higher than they were a year ago — I expect that gasoline prices will start to fall rapidly in the weeks ahead. There are four reasons for this.
First is that the spike from Hurricane Isaac will be short-lived as damage to oil and gas infrastructure seems to be limited. Facilities will be back online relatively quickly.
Second is that summer driving season is at an end, and demand for gasoline will now decline.
Third, the transition to winter gasoline (explained in depth in Refining 101: Winter Gasoline and Why Summer Gasoline Means Higher Prices) begins on September 15th. This will both lower the cost and increase the supplies of gasoline.
Finally, the recent run-up in oil prices appears to be already priced into the cost of gasoline.
All of these factors point to the strong probability that gasoline prices will fall regardless of any government action between now and the election.Source
Bet you that it doesn't happen. Oil hasn't been tied to fundementals for a good while now. If the Fed comes out and states that they will not pump Wall Street full of money, oil will fall some. If they indeed start more money pumping oil will continue to rise no matter what until the money bubble bursts.
First is that the spike from Hurricane Isaac will be short-lived as damage to oil and gas infrastructure seems to be limited. Facilities will be back online relatively quickly.
WOW, who would have known that the spike from hurricane Issac started 3 months ago....
And to be honest the price has stayed about the same over the last 2 weeks, and I live in Alabama....
However, it has been rising for many many months....
Corn is at record highs and the EPA has mandated a greater percentage be in the gas.
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