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Gas prices rise for 45 straight days [View All]

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steven johnson Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-12-09 07:12 PM
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Gas prices rise for 45 straight days
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Edited on Fri Jun-12-09 07:15 PM by steven johnson
Source: USA Today

NEW YORK (AP) Gas prices rose Friday for the 45th consecutive day as summer travelers hit the highways and refineries hold back on fuel production.

Retail gas typically rises with demand during the summer driving season. But this year those dynamics have changed somewhat. The government expects motorists to drive billions fewer miles as an expanding population of unemployed workers stays home.

Oil prices have more than doubled since March even though demand is down for the year and American storage tanks are bloated with a huge surplus.

And then there is the money flooding in from Wall Street. Investors fleeing the falling U.S. currency have parked a lot of money in commodity markets. Because crude is priced in dollars, it also gets cheaper for investors overseas.




Read more: www.usatoday.com/news/nation/2009-06-12-gas-prices_N.ht...



Supply and demand are irrelevant. Refiners operated at 85.9% capacity last week, which is very low for this time of year. Oil prices have more than doubled since March even though demand is down for the year and reserves are bloated.

Speculators are parking their money in oil, expecting the dollar to drop in value. With the Fed printing money, would you bet against them?
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