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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (12456)	9/29/2004 12:59:09 AM
From: CalculatedRisk	Read Replies (4) \| Respond to of 116555

$50 Oil still hasn't hit consumers at the pumps. We have just seen a nickel increase so far (after a steady decline) in gas with this most recent runup in crude prices. That isn't much, considering oil is up ~30% in the last three months (from $38 to $50). For those that use heating oil, this winter is going to be brutal. With Oil Near $50 a Barrel, Gas Prices Start to Inch Up nytimes.com EXCERPT: 'Crude oil and gasoline prices began moving in opposite directions in June, a conundrum that was a pleasant surprise for motorists in the peak summer holiday season. Last week, however, gasoline prices jumped 5.1 cents a gallon, to a national average of $1.917 a gallon, still below the record average of $2.06 a gallon in May but 33 cents higher than a year ago, the Energy Department said. If crude oil prices keep going up, as many oil industry officials predict, gasoline prices are expected to keep climbing as well, as is the price of home heating fuel.'