Thursday, February 10, 2011

Gas Prices Soaring Amid Mideast Turmoil

Ummm, not so much.

What part of this is so hard to understand?

"The average price for a gallon of regular gasoline costs 48 cents more this February than last."

OK, that is an increase of 16%. Hurts, yes, but it was entirely predictable. I must mention that I have no formal training in economics, except one class in High School (30 years ago).

Are we heading for $5 a gallon gasoline? Yes, as I said about 6 years ago. The only reason we haven't seen it already is the economic disaster of 2008/2009 delayed it.

There are some things that have changed. China is the big one. As I said last year, and about 30 months ago, China is a big player in this market now, and the winter decline in fuel prices will no longer be seen.

UPDATE: On review of this article, I noticed I did not include a link to the article that gave me the headline. Here it is: Gas Prices Soaring Amid Mideast Turmoil


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