Friday, June 06, 2008

$9.50 a Gallon for Regular at the Pump

Today, oil set a one day price gain record for the second consecutive trading day, closing above $138 per barrel. Heating oil traded limit up today. Last month, I wrote about how surprised I was to see the price of gas selling for over $4 a gallon at the pump. Subsequently, about a week ago, I wrote that $4 plus a gallon for regular was now all over the place. A couple days ago, I pulled into a gas station and had the pleasure of paying $4.33 per gallon, and while I was there, I struck up a conversation with the owner of the station. I asked him if he thought gas was going to $5 a gallon in the near future, and he told me that it is going far above $5, and expects it to go to $9.50 per gallon.

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