Apparently, we are living in truly historic times — for the first time ever, light, sweet crude oil hit the $100 a barrel mark in trading today. What a way to start the new year, eh?
In fact, the price fell back, and I’m not aware of how it closed. But this was the first time ever that it hit the century mark, and you can bet it won’t be the last. It’s a psychological thing, really.
And now it becomes a gas-up-your-car-you-poor-broke-fool thing for many of us. Ouch!
I have never been able to figure out the real relationship between the price of crude oil and the prices at the gas pump, and here’s why: Often as not, when the news people sound the alarm over record crude prices with record pump prices on the way — the gas prices will drop by a nickel or a dime that same day. I’ve seen that happen many times in the last few years.
At the same time, when we hear nothing but good news which should cause gas prices to drop. they frequently have shot up a dime or two overnight — then gone back down almost as rapidly a couple of days later.
Is it just me? Or are people making a bundle of money off of us all? With nothing, really, that we can do about it? Good to know the oil companies are making some of the most humongous, gigantic amounts of money in the entire world.
Ah, well, what do I know? I’m just a guy who reads the papers.
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