From what I read the other day, the price per barrel of oil isn't really what's driving pump prices. When I read this, oil prices were $108/bbl. Pump prices are within pennies of what they were 3 yrs ago when oil was $155/bbl. To me, that says it's all speculation and fear driven pricing. Saudi even said that they had stepped up oil production by 300K bbl daily when the Libya "crisis" kicked off.
Here's what I speculate. Prices will cap out at about 5.00/gal. They will stay there until sometime this fall, say...November. JUst in time for the re-election campaign, the Grinning Kenyan will step in and "force" prices back down, hoping to wash away all of "sins" of the oval office. Maybe I'm wrong but, it wouldn't surprise me to see this happen.
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