If I said I would bet that gasoline would be $5 a gallon — national average for regular — on Memorial Day (in 97 days), would you want to take the over or the under?
4 thoughts on “Idle thought”
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If I said I would bet that gasoline would be $5 a gallon — national average for regular — on Memorial Day (in 97 days), would you want to take the over or the under?
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I’d take the under. While I believe $5/gallon gas is possible, I think if it gets close to $4 as a national average, the politicians will freak out and do something to drive it back down. (like fire up the idle wells in Hobbs)
Just my .02
I appreciate that the situation in Libya and other oil producing countries has gas at a very unstable outlook, so I could be taking the wrong bet.
With the role that speculators now play in the commodity futures markets, continuing unrest in Libya, and Iran playing games in the Suez Canal, I’d take the over. Then again, there’s not a giant oil spill in the Gulf of Mexico this year to blame high-prices on…
I’ll take the under, but not very far under. My reasoning is close to Karen’s, but I think we’ve proven as a nation that we’ll cut back at $4, but not really freak out until $5. I think it will creep into the high $4s, but not hit $5.
I think this summer’s prices will be an indicator of how the Big Oil views Obama’s power. If they feel he has been defanged by the R sweep in the mid terms they will go for it. If they feel he still has strength and pull with the American people they won’t risk adlerian attention to their industry. Boy, we’d really be in trouble if big oil could just set any price they wanted. Oh, that’s right. They can.