Think $80 oil is painful? Wait until spring - Reuters

[Eugene]

Source: Reuters

Think $80 oil is painful? Wait until spring
Tue Oct 16, 2007 7:51am EDT

By Robert Campbell - Analysis

NEW YORK (Reuters) - Stable gasoline prices over
the last two months have shielded U.S. consumers
from the impact of galloping crude oil prices, but
drivers will face more pain at the pump if the cost
of crude remains high into next spring.

Retail gasoline prices have held in a tight range
around $2.80 a gallon nationwide over the past two
months amid a normal seasonal slowdown in road
travel, even as the cost of crude oil has surged
about 14 percent over the same period to a record
over $85 a barrel.

The stability in gasoline prices prompted U.S.
Energy Secretary Sam Bodman last week to describe
the U.S. economy as "remarkably resilient" in the
face of surging oil prices.

But analysts expect gasoline prices could rise to a
never-before-seen $3.50 or $4 a gallon if oil prices
hold near current levels into next spring when
drivers hit the roads in greater numbers. That could
further strain consumers already facing a housing
slowdown.

-snip-

Read more: http://www.reuters.com/article/topNews/idUSN1544101020071016

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Also: Fundamentals could brake oil before it hits $100 - Reuters

[BOSSHOG]

1. No doubt republican incumbents can't wait for the day

[Yael]

2. But but but

If we bomb Iran, won't that free up the oil?

:silly:

Thanks for the links

[Jackpine Radical]

3. Yeah, and it'll be easy to keep track of that Iranian oil

because it will glow in the dark from all the bomb radiation.

[MiniMe]

4. It depends on if the oil companies want to keep gas low to try to get

another repuke elected. And if the dems decide to do an investigation of the oil companies profits.

[Javaman]

5. Pfft! spring if we are lucky. nt