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Americans struggling with $4 per gallon gas today will have to gird themselves soon for a $3 spike, according to a new report by economists at CIBC World Markets.
I really wish people would stop saying gas is only going to get worse, while it may be true I think it only adds to the increase in price. Im not going to get into issues we have 3 other threads on but some one should find these speculators and kick their A@#
Here is a response I gave in the thread titled: "What will gas prices be on August 6, 2008?"
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"August 3, 2008 Hurricane "xyz" will knock out half the refineries in the Gulf rendering them inoperable for many weeks.
August 4, 2008 Wall Street goes nuts and oil prices almost double in panic.
August 6, 2008 Average Regular Unleaded Gasoline will be $6.15/gallon.
Think it's impossible? - just wait if even a tropical storm approaches not hit the Gulf and see what happens even then.
Wall Street does and will panic over and over again when the proverbial breeze is not quite right."
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I hope Wall Street would shut their big "trap" SHUT for a change as their voices are enacted on more often then not. Also I hope that I'm dead wrong with my "guess".
predicting this is next to impossible. If you see 5 reports you will get 5 different opinions as to why gas is this high. Personally I think there is something fundamentally wrong with the price of gas going from $2.50 to $4.50 in a matter of months. This kind of price spike happens only if there is a MAJOR event and I cannot find one in recent history. In my opinion this is a pure speculation frenzy. Money has nowhere to go since the stocks and real estate is in the dumps so they are putting it into gold and oil, commodities in general.
It is impossible to predict these things, but I think it is in everyone's best interest to "hope for the best, but prepare for the worst." If we adequately prepare for the worst by reducing our demand for oil, things will work out for the better regardless of what the price of oil will be six days, six weeks, six months or six years from now.
Looks like all speculation to me.
Every time someone predicts prices like $150 or $170 or $200, a whole new bunch of "investors" jump in to cash in on futures prices and drive up the cost.
Until last week the prices were going up because of a strike in Nigeria, falling supplies and rising demands. This week with a surplus of inventories, falling demand and increased output buy Saudi, the prices rise again "because someone predicted $200 a barrel".
I'm thinking of jumping in and buying some stock as well
I invested in the ETF (trades like a stock) called: OIL a few months ago. I have a stop loss in so no mater what happens I make money. I encouage everyone to invest.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,756,161 times
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This won't happen. Gas in fact is going down here. Down from $4.10 to $3.87 yesterday!
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Is $6.15/gallon close enough?
