Chronicles Of Depression 2.0: #089

A two-fer for oil.

Gas prices jump nearly 3 cents to record, while oil pauses

NEW YORK (AP) – Gas prices jumped nearly 3 cents overnight to a new national record of nearly $3.65 a gallon Thursday, while oil prices paused from their own climb to record highs and succumbed to mild profit-taking.

At the pump, the average price of a gallon of regular gas nationwide rose 2.7 cents to a record $3.645, according to a survey of stations by AAA and the Oil Price Information Service. Diesel prices also rose, adding 0.9 cent to match a record national average of $4.251 a gallon.

Gas prices tend to lag oil futures, and with crude rising to a new record near $124 a barrel Wednesday and likely headed higher, it’s widely expected the average price of gas will soon rise as high as $4. Motorists in many areas, including parts of California and Hawaii, are already paying that much, or more.

“If oil prices go the way that pundits are expecting, there’s no way we’ll stay under $4 a gallon,” said Fadel Gheit, an analyst at Oppenheimer & Co. in New York.

Emphasis added by me.

Wait, if gas went up three cents overnight, then it has to be over $4/gallon where I am already. Last week Super was priced at $3.99 and 9/10ths.

Oil Trades Near Record on Insufficient Gasoline Output Concern

Crude oil for June delivery was at $123.45 a barrel, down 8 cent, at 2:32 p.m. in Singapore in after-hours trading on the New York Mercantile Exchange. Yesterday, futures rose $1.69, or 1.4 percent, to settle at $123.53 a barrel, the highest close since trading began in 1983.

Prices have climbed 98 percent in the past year on concerns that supplies from outside the Organization of Petroleum Exporting Countries are declining as demand from China, India and the Middle East has increased.

Emphasis added by me.

Look at this bit carefully. OK, I’ll bold the important bit:

“This is the time of year when prices would normally be taking a breather, the lull between the winter peak and the summer peak in the Northern Hemisphere, but we’re not seeing that happen,” said Gavin Wendt, a senior resources analyst at Fat Prophets in Sydney.

Emphasis added by me.

WTF?

This money: Not yours!

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