Why is this the perfect picture whenever I talk about the gas and oil industry?The scumbags are at it again ... since Thursday this past week, gas prices in northern Illinois have increased 50 cents a gallon -- from $3.76 to $4.25 (ok ... I'm exaggerating, it's only 49 cents).
Meanwhile, the latest from the NYSE is that the cost of oil has dipped to under $100/barrel. The cost for the lowest grade of regular unleaded gasoline at the station closest to my house started going up Friday afternoon -- a forty cent jump, then ten more cents between Saturday and Sunday. It's higher now than it was at the peak of summer, when oil was selling for more than $147/barrel. I guess this is when we'll start hearing industry pundits saying that the cost of a barrel of oil has nothing to do with the cost of a gallon of gasoline -- again. They keep flip-flopping their stance based on the cost of oil.
When the gas stations jacked up rates after 9-11 and Hurricane Katrina, there were investigations and fines levied against those gas stations that unfairly increased prices, and I hope that the same happens this time around.
In the meantime, if you can hold out, wait to buy gas until Thursday when prices will be forced to come back down, due to the usual legal and political pressures put on the oil industry when they try to take advantage of a natural disaster.
Bastards!
RoadRage
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