Quote:
Originally Posted by MGB=MPG
Hold on to your socks you ain't seen Nuttin yet..
with certain events at 50% probability spike in pricccce .barrel to 170 range in Market Panic and speculation .the frenzy is starting all they need is a good opening gun..
whts that make USA pump avg / gallon 5$ ?
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Are you referring to Libya? Libya is more of an effect than a cause. It may have triggered the rapid climb in gas prices, but it was going to happen anyways.
Commodities were all climbing quickly starting in about october of last year, including gasoline:
NYH RBOB Gasoline (RB, NYMEX): Weekly Price Chart
Other commodities were doing the same (Rice, wheat, corn, oats, etc) and all tied to the Federal Reserve devaluing our currency (Fancy fed term: Quantitative Easing). This is actually the second time the Fed did this (QE2), the first go-around, commodity prices went up (you can see it in the link above, in '08-'09) and gasoline prices came up as well, lagging behind several months. Same as we are doing right now.
Related video on
CNBC.
At any rate, I agree and I fully expect gas prices to continue to climb for the next three months.
Mike
(Gotta get my motorcycle roadworthy...)