As of today, oil sets a new record at $135 a barrel with national U.S. gasoline prices reaching $3.83 a gallon(possibly $4.00 on Memorial Day Weekend).
Concern for supply and demand of oil pushes the price high for crude and gives the market traders reason to spike their bets against a weak dollar.
“The market is really structurally tight … oil demand is not growing that fast but supply is constrained,” said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. Still, the cost of gas is going up and that is hitting a toll on Americans and the economy. Congress even had a committee hearing about the oil crisis with oil executives who pretty much had the same excuse as to why prices are high–economic crisis.
Let’s face it, just because this world is full of crisis every day doesn’t mean that oil companies should adjust prices for gas. They need to focus on providing the right price to the consumer if they want to win their hearts over. Otherwise, they’re in a for a big surprise if gas reaches $5.00 or more a gallon in the future. And the consumers won’t be so light hearted as they are today towards these oil companies.
The Govt has a role in this too and they should pass more legislation regulating gas prices all across the board. That would help the U.S. economy and the people tremendously. PUMP N’GO will keep an eye out for more gas price news for you in the future. Stay connected.
