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I know this is very high vig and it goes against my money management strategies but I just placed a bet on Pinnaclesports that the US gas average will go over $2.60 by 01/01/2006.
I put $385 to win $100. -385
The current average is already at $2.564.
Here is an article from MSNBC.com.
U.S. gas prices set another record high
National average soars to $2.55 a gallon
The Associated Press
Updated: 8:06 p.m. ET Aug. 15, 2005
NEW YORK - Retail gasoline prices surged to a record national average of $2.55 a gallon in the latest week and will likely rise through early September as high crude oil prices are passed on to motorists, the U.S. government said Monday.
The national average pump price for regular unleaded gasoline rose 18.2 cents, according to a weekly survey of more than 800 service stations by the Energy Information Administration. It was the biggest weekly jump in prices since the agency started the report in August 1990.
Still, when adjusted for inflation, the most expensive U.S. pump price was $3.12 a gallon in March 1981.
While the EIA said retail gasoline prices would not reach the $3.12 level, pump prices may rise through the federal Labor Day holiday in early September because gasoline wholesalers have not yet fully passed on their higher costs.
“We were a little surprised by the size” of the increase in gasoline prices this week, said Michael Burdette, a senior analyst with the EIA, a division of the Energy Department. ”Unless wholesale prices come down there is still a little bit of upward movement in retail prices,” he said.
Gasoline prices climbed higher in recent weeks due to record-high crude oil, strong demand at the pump and scattered problems at U.S. refineries that raised concern about supplies.
These factors have helped push gasoline prices 67.5 cents per gallon higher than one year ago, according to EIA records.
Crude oil prices, responsible for half of the cost of a gallon of gasoline, hit an all-time high of $67.10 a barrel last Friday. Monday, crude oil futures for September delivery settled down 59 cents at $66.27 a barrel.
During the past year, U.S. crude oil prices have soared by about $21 a barrel.
On Sunday, the private Lundberg survey said its survey of U.S. service stations showed the average retail gasoline price rose to $2.5011 a gallon.
Consumers feeling the bite
Mark Cooper, director of research at the Consumer Federation of America, said motorists are being forced to pay more at the pump while oil companies grow rich.
“There is no doubt that consumers have now begun to feel the bite,” said Cooper. “We have record profits and an energy bill that provides subsidies to energy companies.”
The government’s weekly retail report showed prices in the five U.S. regions rose between 10.2 cents and 20.6 cents a gallon.
The average U.S. pump price was highest on the West Coast, which posted the smallest increase at 10.2 cents, as costs rose to $2.669 per gallon.
The Gulf Coast region, where many refineries are located, had the cheapest gasoline, increasing 20.6 cents to $2.488 a gallon during the last week, EIA said.
Among the 10 major urban areas highlighted by EIA, Denver pump prices were the cheapest at $2.444 per gallon, up 16.1 cents. The most expensive city was San Francisco where prices rose 12.3 cents to $2.762.
Other cities that recorded notable increases included Chicago, up 22.2 cents a gallon to $2.686, and Houston, which saw prices rise 19.6 cents to $2.458.
The national price for cleaner-burning reformulated gasoline, sold at about one-third of the stations in cities and smoggier areas, rose 15.2 cents to $2.613 a gallon.
U.S. truckers saw retail diesel prices rise 16.0 cents to an average $2.567 per gallon last week, EIA said. The average cost for a gallon of diesel is 74.2 cents per gallon higher than it was one year ago.
© 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
© 2005 MSNBC.com
URL: http://www.msnbc.msn.com/id/8533441/
I put $385 to win $100. -385
The current average is already at $2.564.
Here is an article from MSNBC.com.
U.S. gas prices set another record high
National average soars to $2.55 a gallon
The Associated Press
Updated: 8:06 p.m. ET Aug. 15, 2005
NEW YORK - Retail gasoline prices surged to a record national average of $2.55 a gallon in the latest week and will likely rise through early September as high crude oil prices are passed on to motorists, the U.S. government said Monday.
The national average pump price for regular unleaded gasoline rose 18.2 cents, according to a weekly survey of more than 800 service stations by the Energy Information Administration. It was the biggest weekly jump in prices since the agency started the report in August 1990.
Still, when adjusted for inflation, the most expensive U.S. pump price was $3.12 a gallon in March 1981.
While the EIA said retail gasoline prices would not reach the $3.12 level, pump prices may rise through the federal Labor Day holiday in early September because gasoline wholesalers have not yet fully passed on their higher costs.
“We were a little surprised by the size” of the increase in gasoline prices this week, said Michael Burdette, a senior analyst with the EIA, a division of the Energy Department. ”Unless wholesale prices come down there is still a little bit of upward movement in retail prices,” he said.
Gasoline prices climbed higher in recent weeks due to record-high crude oil, strong demand at the pump and scattered problems at U.S. refineries that raised concern about supplies.
These factors have helped push gasoline prices 67.5 cents per gallon higher than one year ago, according to EIA records.
Crude oil prices, responsible for half of the cost of a gallon of gasoline, hit an all-time high of $67.10 a barrel last Friday. Monday, crude oil futures for September delivery settled down 59 cents at $66.27 a barrel.
During the past year, U.S. crude oil prices have soared by about $21 a barrel.
On Sunday, the private Lundberg survey said its survey of U.S. service stations showed the average retail gasoline price rose to $2.5011 a gallon.
Consumers feeling the bite
Mark Cooper, director of research at the Consumer Federation of America, said motorists are being forced to pay more at the pump while oil companies grow rich.
“There is no doubt that consumers have now begun to feel the bite,” said Cooper. “We have record profits and an energy bill that provides subsidies to energy companies.”
The government’s weekly retail report showed prices in the five U.S. regions rose between 10.2 cents and 20.6 cents a gallon.
The average U.S. pump price was highest on the West Coast, which posted the smallest increase at 10.2 cents, as costs rose to $2.669 per gallon.
The Gulf Coast region, where many refineries are located, had the cheapest gasoline, increasing 20.6 cents to $2.488 a gallon during the last week, EIA said.
Among the 10 major urban areas highlighted by EIA, Denver pump prices were the cheapest at $2.444 per gallon, up 16.1 cents. The most expensive city was San Francisco where prices rose 12.3 cents to $2.762.
Other cities that recorded notable increases included Chicago, up 22.2 cents a gallon to $2.686, and Houston, which saw prices rise 19.6 cents to $2.458.
The national price for cleaner-burning reformulated gasoline, sold at about one-third of the stations in cities and smoggier areas, rose 15.2 cents to $2.613 a gallon.
U.S. truckers saw retail diesel prices rise 16.0 cents to an average $2.567 per gallon last week, EIA said. The average cost for a gallon of diesel is 74.2 cents per gallon higher than it was one year ago.
© 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
© 2005 MSNBC.com
URL: http://www.msnbc.msn.com/id/8533441/
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