Even with a hurricane coming and OPEC saying it wants to curtail oil production, the price of oil is sliding. Why? Because Saudi Arabia is telling the rest of OPEC to get lost. Oil’s at $100.41 and sinking. Will we see it slip to $99 today?
Strangely, though oil’s price is dropping, the price of gas is rising on fears of Hurricane Ike.
CNN: Gasoline prices rose for the second day in a row as Hurricane Ike entered the Gulf of Mexico, gaining strength as it churned toward the Texas coast, according to a nationwide survey of gas station credit card swipes.
The average price of regular unleaded gasoline edged up 0.3 cents to $3.671 a gallon from $3.668 a day earlier, motorist group AAA said Thursday. Gas prices had previously risen in response to Hurricane Gustav, which forced workers to abandon offshore oil rigs ahead of that storm.
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