Crude oil prices fluctuated Monday, following President Obama’s announcement that U.S. Navy SEALs had killed al Qaeda leader Osama bin Laden.
Prices first fell, then rose, then fell again, landing at a four-day low: $113 a barrel on the New York Mercantile Exchange. The U.S. Department of Energy reported late Monday that gasoline prices at the pump averaged $3.96 a gallon nationwide. 4 cents and we are at $4 per gallon!
In July 2008, gas prices peaked at $4.09 a gallon in Massachusetts and $4.11 a gallon nationwide.
“There’s a 50/50 chance that we will surpass that record,” said Patrick DeHaan, senior petroleum analyst at GasBuddy.com. “Prices traditionally peak in the first week in May, but it’s unclear what impact Osama bin Laden’s death will have on the oil markets.”
AAA Southern New England’s weekly survey of Massachusetts gas prices found self-serve, regular averaging $3.95 per gallon, up 12 cents in a week and 88 cents since the start of the year. A year ago, gas averaged $2.86.
Nationwide, analysts have blamed the increase in prices on factors including oil speculation, fears about the Middle East, the drop in the value of the U.S. dollar, refinery shutdowns and the tornadoes in the southern part of the county.
AAA and other market watchers said they expect $4 to become the norm nationwide by the end of this week! So, the situation is how it is… but listen to this!
While the price at the pump sits at an all time high, state taxes and oil companies are taking their piece of the pie and Exxon is at the top of that list. The oil company recently reported the second highest profit for any company in any industry, posting $10.7 Billion in profit the last three months. That’s around $40,000 in 30 seconds! ….
How’s that ?