Monday, November 06, 2006

Gas Prices to “Stabilize”

Just two days before the midterm elections, big oil primed the pump to reverse the almost 3 month decline in gas prices. On August 11th gas prices reached an all time high with an average of $3.03 a gallon. On November 3rd they averaged $2.18. And on November 7th the people will vote.

What happens afterwards? I, for one, will be watching the pace of their rise and how quickly they return to record profitability.

P.S. My prediction, that big oil would purposefully cut their profit margins so as not to announce record earnings just two weeks before the election, happened to come true!

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