Thread: Gas prices up
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Old 09-13-2008, 05:13 PM   #27 (permalink)
instarx
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Quote:
Originally Posted by azraelswrd View Post
Yeah, hurricane threatening extraction and refining operations in the gulf plus speculators (which have been officially blamed for the oil price inflation) make for higher costings. Prices haven't spiked here in Cali yet but I'm sure we'll feel it soon enough. Regular was $3.85 this morning at my usual.
No, speculators are not the cause of this price hike. And they have not been "officially" blamed for any other price increases anyway - only conjecturally blamed as a convenient scapegoat. (Can't be blaming the weak dollar or the oil companies, can we? That might look bad for the administration).

The price of oil has dropped steadily over the past few days and was under $100/barrel for a while yesterday (Friday). So there is clearly no correlation between the high pump prices today and the price of crude oil today because the price of crude has DROPPED since the price of gas was 3.69, not risen. This is clearly in anticipation of IKE and an opportunity for the oil companies to make a few extra hundred million dollars on that gas already in the ground at stations.
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