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More Bad News for Gas
By Mike | May 1, 2007
Just as we find out gas is going to hit $4/gallon this summer, we learn Hugo Chavez is taking over a number of Venezuelan oil fields, many of them without compensating the owners.
That’s not going to help matters at all.
Sure, he’ll probably keep Chevron supplied since Venezuela has a significant stake in that company. But I would imagine BP, Exxon and others will get the short end of the stick. Even if there’s no immediate change in pricing or supply, the speculators are going to expect it and start setting prices accordingly.
Good thing I don’t have a commute anymore. Before I moved, I figured I was spending $250/month on gas for the drive to work alone. That was at $3/gallon — at $4/gallon that would jump to around $330/month. Ouch…
Topics: Evil, Politics & Religion |