Oil prices are trending higher. Right now, the price per barrel is around $67/barrel. Last year, as you recall, the price per barrel was around $130+. This caused the price of gasoline to go to over $4.00 per gallon. Right now, the average price for a gallon of gasoline is $2.65/gallon.
This was one big ingredient that caused this current recession. People seem to forget that. This was also a primary cause for the downturn in the automotive industry.
Of course, the liberals in congress and President Obama won't allow us to drill offshore, allow any new drilling in Alaska, build new refineries or build nuclear power plants. This will continue to put us at the mercy of OPEC.
Don't be surprised if gasoline skyrockets to over $3.00/gallon by the end of summer.
Hold on to your wallets!
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