Oil Prices Soaring -- Again

February 19, 2008

Why should I go to the new Detroit casinos? I can get the same thrill – or, with my luck, that same, sickening feeling – watching the numbers spin on the sign in front of the Sunoco station, down the block.

In recent months, I’ve often seen Sunny – yep, that really is the owner’s name – change his prices three times in a single day. It’s been pleasant to see those numbers dip, the last couple weeks. But the reprieve is apparently over. Insistent on ensuring oil prices stay well above the $80-a-barrel range, OPEC is now considering cuts in production. If anything, the experts suggest, that’s more than likely to nudge the price to $100 or more.

Pump prices echo what’s happening to crude, of course, and so, down the block, regular gas is now back over $3.00. And by spring, it’s likely to hut $3.25. As TheCarConnection.com reported, several weeks ago, a new consumer survey finds most Americans predicting $4 gas is around the corner.

So far, that’s had a surprisingly minor impact on the presidential primary campaigns, though rising fuel prices are clearly hammering the economy. As we get closer to the November ballot, it seems more likely that oil will move to the top of the list of what Americans will be asking about.

Americans Anticipating $4 gas. by TCC Team (1/30/2008)

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