No Hope

Gas prices are going back up again. Prices are expected to hit $3/gallon this weekend in most areas after hitting a record of $75/barrel yesterday. What disturbs me the most is what an oil trading analyst told the AP:

"Everybody thought we'd hit a price that would create permanent demand destruction. But demand for gasoline is rising," said Alaron Trading Corp. analyst Phil Flynn. "Once again the American public has shown its ability to get over paying high prices for gasoline."

Looks like we probably won't be seeing our promised reduction of gas prices that they said would happen after Katrina repairs were made. They are going to keep pushing their limits with gas prices. (more here)

filed under: business

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