Oil is above $100 a barrel again, just in time for summer vacation.
This Is The Deal With Those Little Door Keypads That Mostly Only Fords Have (UPDATE: There's A Few Others)
I quit bitching about it a year or so ago. It's pretty much established at this point that the price of gasoline/oil bbl has little to nothing to do with the actual available supply and current demand. It's now a hotly traded commodity and as such, the price does (and will continue to) move at the whim of commodity traders in order for them to protect their assets. Dollar gets cheap, buy oil and it goes up. Dollar starts to rise, dump oil and buy dollars. Round n' round she goes.
And, the oil companies have already tested the market several years ago. The United States economy (and gasoline buyers, i.e. us) don't start to squeal like a stuck pig till gas hits $4/gal average nationwide. So, as long as they give themselves room to move with the season within that range, it's never going to change. The US is, as of recently, a net exporter of oil with more production literally coming online every day, yet prices are just as high as they've always been and will remain so as long as something so vital to our national interests, national economy, hell our national security... is allowed to be traded as a commodity with pork bellies and copper ore.