For years, conspiracy buffs have claimed that the major auto-makers, working closely with the oil industry, have intentionally suppressed the development of fuel efficient vehicles.
Oil prices have jumped by $14 a barrel in the last 30 days while gas prices have declined by a dime.
Today, UCAN's Gas Project at www.fueltracker.com reported a slight rise in the price of gasoline this morning of one-tenth of a penny to an average of $2.168 a penny.
"It isn't much," says Charles Langley, Manager of UCAN's Gas Project, "but it is statistically significant and represents the reversal of a steady price decline that started on February 19, 2009." At that time, says Langley, gasoline in San Diego averaged $2.285 a gallon.
When Hoyt Axton's mother wrote the lyrics to Heartbreak Hotel, she was inspired by a real-life suicide note that began "I walk a lonely street." In the last 34 days, oil prices have increased by 50%. Meanwhile gas prices have actually dropped. This deflation can't last long. In Today's CRUDE REALITY, Bob van der Valk says its "Heartbreak Hotel Time" for gasoline ... meaning, we suppose, that with demand down lower than ever, WE could be walking (not driving) lonely streets with very high gas prices. Get the Crude Reality at http://www.fueltracker.com/crude-reality
Gasoline speculators were caught with their pants down this morning, and now they've lost their shirts.
In today's Crude Reality report, Bob van der Valk notes that the closely watched national inventories for gasoline from the Dept. of Energy (DOE) are higher than expected by a jaw-dropping 3.2 million barrels, suggesting that consumers continue to buy less gas while the oil industry continues to over-produce.