Prices at Pump Set To Join Crude's Rally

Discussion in 'Wall St. News' started by ASusilovic, Nov 7, 2007.

    November 7, 2007; Page A3

    Gasoline has trailed oil's rise to nearly $100 a barrel, but fuel prices now look poised to take off.

    Oil climbed $2.72 to $96.70 a barrel in New York Mercantile Exchange trading, bringing it closer to an inflation-adjusted high of $101.70 reached in April 1980. The sharp rise and an extended period of high prices has sent heating oil to new highs. (Please see related article.)

    Gasoline is now expected to follow, potentially taking money out of the pockets of consumers at a time of weakening growth in consumer spending.

    The average price of regular gasoline was $3.02 a gallon, according to AAA, formerly the American Automobile Association. That was up from $2.77 last month and from $2.20 a gallon a year ago. "Unfortunately between now and the end of the year gasoline prices will continue to rise if oil stays above $95 a barrel, and certainly if it goes above $100 a barrel," says Geoff Sundstrom, spokesman for the AAA.[(url]
  2. $3.02?

    Sounds like a deal to me! So Cal prices where I live were $3.37 the other day... :(
  3. loik


    where I live prices are $8.6
  4. Yeah, I guess I don't have much to complain about, compared to Euroland.

    What is it in Venezuela. Something like 27c? That'd be nice.
  5. The Feds and the states will come under pressure to roll back gas taxes and maybe get rid of the RFG guidelines for price relief.
  6. The american consumer is like a sponge
    it can absorb anything
  7. [​IMG]