Retail gasoline prices have hit their high for the year, but the news is not all bad. Despite the fact that AAA says prices have risen 17 cents a gallon, hitting $265 per gallon, prices are a lot lower than a year ago--and taking into consideration the fact that crude oil prices have soared, it could have been a lot worse.
The Old Farmer's Almanac had it right last winter and their woolly caterpillars and other things they use to predict weather will send chills down your spine. They are predicting a “super cold “winter in the eastern two-thirds of the country.
Any reduction in the geopolitical risk premium allows the market to focus on ample supply and questionable demand. Reports that Libyan rebels claim that a deal to reopen Libyan oil ports added to the bearish sentiment.
U.S. efforts to speed natural gas exports as a way to loosen Russia’s grip on European energy supplies may be thwarted by lengthy reviews and developer reluctance to proceed with multibillion-dollar projects.