Mid June, and it wont come down below $1.60 until this time next year.
OPEC said they like the price right where it is, and perhaps a bit higher.
Once summer is over, then you have the ramp up in price for the winter months.
The sad thing is refined gasoline isn't what's causing the rise, it's the cost of crude.
here's something to think about.
look at how fast the price goes up, then how slow it takes to come down. The stations buy the gas at $X.xx today, tehn in a week the cost to them goes up. So they raise it to make the profit off todays gas price, despite the fact it was bought at a lower price.
That's what chaffes my britches.
QUOTEOver the longer term, the expected drop in demand during the April-June quarter and quota-busting by individual OPEC members should help push prices gradually lower, analysts said.
Most OPEC members are taking advantage of the current high prices by pumping as much oil as they can. Excluding Iraq, which doesn't participate in the group's quota agreements, OPEC is already exceeding its existing target by an estimated 1.5 million barrels.
Although he foresees a short-term rise to $40 per barrel, Leo Drollas of the London-based Center for Global Energy Studies said he believed that prices would eventually fall to around $28.50 in the second quarter because producers would continue pumping oil in excess of their quotas.
John Waterlow of Wood Mackenzie Consultants in Edinburgh, Scotland, said prices would probably remain high for several weeks but could fall to $28 or less during the summer.
