Read this and weep.
Note that the price keeps escalating as you go further out on the calendar, by about 10% from current prices in April 2008.
To weep even more freely, read this one. Look at the middle of the chart, where it lists price/gallon of gasoline in pennies.
$2.24/gallon is what you pay for the stuff at the refinery. The rest of your cost is a combination of shipping cost, distribution/retailing margins (6% by law in Wisconsin,) and taxes. (Not to mention ethanol additives.)
There's a fair amount of chatter about why the price of oil is going up. Yah, there's more demand; but in addition, the value of the USDollar is dropping (pretty fast.) Seven years ago, the Euro was 83 cents to the dollar; now it's $1.36 or so. Finally, there are some nasty people in Iran, Venezuela, and Russia who want to make life a bit more difficult for the US.
So the Fed prints money like it's going out of style, which it has to do to monetize the balance-of-payments problem we have here. MZM (a sorta-substitute for M3, which is no longer a publicized number) grew at 8% in the last 12 months--but at 28% in the last 30 days.
Want to see where you SHOULDA been?
Check uranium in the last 6 months. From $55.00 to $115.00 since October.
Nuclear-fueled cars may not be cheap-to-drive, either.
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2 comments:
C'mon, Dad. Just come out and say it. It's going to get UUUUUGLY very soon.
We're already nearing three bucks a gallon in RI...AGAIN!
BMP
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