Record Oil Price's Impact On Drivers
October 29, 2007, 8:12 PM
Crude oil has reached $93 a barrel and most of the time, gas prices will rise along with it. But, this year's market and geopolitical issues have created an unpredictable situation.
Crude oil reaches a record high. Is it only a matter of time before we see one-hundred dollars a barrel? Mark Madeja with Triple-A said, "At this point in time, it would be easier to predict when the Cubs are actually going to make it to the World Series."
With mounting political tensions in the Middle East and a tropical storm brewing in the Gulf of Mexico, Madeja says crude could continue to climb. He says futures traders and stockholders are doing their part too. "I really think these prices are being propped up because so many people are trying to make a buck off of this whole thing," he said.
It's hard to tell whether gas prices will follow crude, as Madeja says this year the rulebook on gas and oil prices has basically been thrown out the window. But he says the drop consumers usually see in gas prices this time of year isn't happening.
And Madeja says there's more drivers can do than simply complain about the soaring price of oil. He said, "We absolutely need an energy policy to make sense and we've got to push and force our legislators to collectively get together and get something to the President, and to Congress right now."
He says just because Americans have lost control of the country's energy destiny, doesn't mean it's too late to get it back.
The national average for a gallon of gas is $2.85. The average for South Dakota is actually two-cents higher at $2.87.
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