May 17, 2007

gas-prices.jpg Bonddad Blog:

For the third consecutive week, gasoline prices were up, increasing 4.9 cents to 310.3 cents per gallon as of May 14, 2007. Prices are 15.6 cents per gallon higher than this time last year and have now reached an all-time nominal high. All regions reported price increases. [..]
There are two issues here.

1.) We are at the beginning of the summer driving season. Will prices continue to increase throughout the summer?

2.) What will be the impact on consumer spending? We saw a terrible retail month in April. Wal-Mart posted their worst decline in 28 years. I have to think high gas prices were partially responsible. If prices continue to increase, will we continue to see a drop in consumer spending?

I know it's been hard to keep up with all the scandals and oversight desperately needed, but I hope that the Congress sooner rather than later investigates the claims of inventory and refinery outages and the huge profits posted by the oil companies.

TiVo Alert: Tonight on PBS's Now: What's stopping auto companies from making a 100 mile-per-gallon car?

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