And here is sunny Florida, an Orlando gas station is now charging $5.69 a gallon for REGULAR!
Meanwhile as you may have heard, the two nastiest words in Chinese politics "Social Unrest" have developed into protests throughout the transportation industry because of high gas prices and pay related issues; could it be the start of the Jasmine Revolution? I doubt it, but it's a sign of the times and it won't be helpful for the world economy or political leaders.
Meanwhile the Saudis are cutting back production, saying the market is saturated. I have to wonder if this is in some way connected to the Libyan export on/export off scenario that's developed the last few weeks. Italy depends on Libyan crude, the Saudi crude is a poor replacement. The Italian refineries need to buy 3 barrels of Saudi to get 1 barrel of Libyan because of the high sulfur content in Saudi Crude.
One also has to wonder if the Saudis are about to pull out another cash drop to keep the peasantry from rebelling and contrary to popular belief, they aren't as well financed as you'd think. Higher Crude prices may be a political necessity for the Saudis to escape the wrath of revolutions spreading across MENA like wildfire.
5 years ago
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