Business? it’s quite simple: it’s other people’s money.
Alexandre Dumas (1824–95), dramatist
It’s almost as if on cue. The headline in yesterday’s Los Angeles Times at the top of page four in the Business section encourages drivers to “Enjoy cheaper Gasoline, for Now.” Soon prices will be reacting to concerns about Iran’s nuclear enrichment program and continued delays in starting production at oil giant BP’s Thunder Horse platform in the Gulf of Mexico. Now the facility won’t be open until mid-2008.
This is why I have a hard time believing oil prices are not manipulated through a labyrinth of arcane deals that only Inspector Clouseau could uncover through serendipity.
According to the article, Monday was the first time since March that American motorists spent less than $1 billion a day on gasoline.
As I have predicted, no matter the excuse, gas will be $3.25 a gallon by Thanksgiving.