Sigh. What more can I say to this? As a commuter, I am expecting to have a LOT less disposable income this year, even if my job is unaffected by the market.
While several areas will see prices over $4 a gallon, Kloza said he expects the nationwide average to peak somewhere between $3.50 and $3.75. Kilduff is calling for a high of $3.50, and Statts thinks we'll see the $3.30s.How long until we see truckers and other gasoline-based workers picketing Congress for relief? And how long until Oil Companies find themselves back in Congress to testify?
All three analysts think prices will peak early, in April or May, then decline as the economy worsens and demand for gas - already flat or falling - continues to deteriorate.
"[The falloff in demand] that occurs around $3.25 a gallon takes a lot of the mojo out of gasoline," said Kloza. "These prices are real speed bumps for the economy."
2 comments:
It is already $3.35 or higher at most stations around me (in CT). 3/19 I drove home past many gas stations today and I did notice.
I read today that the demand for petroleum products is down so the price of crude oil actually went down the last 2 days. The real question is, if demand falls so that the price comes down, will the producers of oil just cut supply to keep the price high? There is really not much to keep them from doing that.
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