Courtesy of Jr. Deputy Accountant
Surely gas prices have nothing to do with rampant inflation, the fact that oil is still denominated in constantly-being-made-up dollars and the asshats who have entire tankers full of crude floating around in the ocean somewhere just so they can mess with prices. Yup, it's got to be the civil unrest.
Do you, like me, ever read some of this shit and wonder where reality went? Or better, wonder who you need to speak to to convince it to return?
Via USA Today:
If political unrest in Libya spreads to other oil-rich countries and the ensuing chaos disrupts crude oil production, gas prices could hit $5 a gallon by peak summer driving season, industry analysts say.
Benchmark crude oil prices soared Monday, rising about 6% to $95.39 a barrel for April contracts on the New York Mercantile Exchange as violence and a military crackdown spread in Libya, the first major oil-producer hit by a burgeoning anti-government movement. The increased violence prompted BP and Norway's Statoil to pull oil workers from the besieged country.
"If this thing escalates and there's a good chance that there'd be a shift in supplies, $5 gas isn't out of the question," says Darin Newsom, senior analyst with energy tracker DTN.
Yeah? Murder and killing and printing money sure are a dirty business eh?
Who else is planning to fill up first thing tomorrow morning before it reaches $4 a gallon?
Such a convenient scapegoat.
Meanwhile, I believe Libya has already pretty much escalated just about as much as it could at this point so when shall we expect $6 gas and when does it end?Market News and Data brought to you by Benzinga APIs
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