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I'm not sure about gas pump prices, but I really don't see the ceiling yet at the price per barrel. It is currently going up around $1 a week. All we need is a nice hurricane to threaten to wipe out the gulf region again. This should jump barrel prices up another $20 easy.
I think that translates to about $.40-50 cents per gallon at the pump.
My guess is that we top out at $4.00 (for 87) for the summer and then hover depending if any outside interference raises the price even more.
In my opinion, I think oil prices are over inflated for the market but who knows for sure. I haven't seen the latest usage data from China and India to see how much oil they are taking this year. If they are only up 3%, then that doesn't add up with the rise of oil per barrel this year.
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Jeff C
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