Ace of Spades HQ
Energy Secretary Steven Chu said he thinks the US should be paying the same per gallon as Europeans do. At the time he said that gas in Europe was about $8 per gallon.
Well, it’s Halftime In America for gas prices baby!
Average retail gasoline prices in California have risen 18.8 cents per gallon in the past week, averaging $4.01/g yesterday. This compares with the national average that has increased 4.5 cents per gallon in the last week to $3.51/g, according to gasoline price website CaliforniaGasPrices.com.
And it’s coming to the rest of the country soon.
The price of unleaded gasoline in the U.S. will likely hit a nationwide average of $4 by this summer, said Dan Dicker, oil trader and author of “Oil’s Endless Bid.” The last time prices topped $4 was 2008 and Dicker said there’s a one in three chance that gas could reach $5 a gallon…
…Iran just showed it can do that anytime it wants. Imagine how a nuclear armed Iran will be able to control oil prices by simply issuing a nasty press release attacking the Saudis. It’s not an either/or proposition. Iran will mess with oil markets, the question is will they have a nuke when they do it…
Read the complete article at Ace of Spades HQ
Related: Valerie Jarrett, Slumlord, Explains Obamanomics Because, you know, unemployment is good for the economy.