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Monday, August 08, 2005

Will Gas Prices Rise to 3.00 dollars a Gallon?

Gas prices in the Lynchburg area is ranging from 2.14 to 2.25 dollars per gallon for regular today. In this changing market, there are some that foresee we will be at 3.00 dollars a gallon before the end of the summer.

CNN is reporting on TV that due to several refineries closing, and terrorist threats to our embassies in Saudi Arabia, we can expect new highs for gasoline at the pump.

Saudi Arabia has also increased the production of oil, if this will stabilize prices it is yet to be seen.

Pinnacle Sports, an online sports betting site yesterday reported odds of 30 to 1 that the price of gas would rise to 3 dollars a gallon, now those odds are about 5 to one. We have said before, this is a crap shoot.

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