Oil is going higher

Posted: Aug 27, 2012 9:54:29 AM

Gas prices are currently the highest they have ever been at this time of year.  Unfortunately we are now in the peak of hurricane season and that is not good news for prices.  Currently, many of the off shore drillers and refiners in the southern coast are shutting down  due to tropical storm Isaac.  As of this morning, oil is closer to $100 a barrel and that is trouble in this economy as high gas prices eat up an enormous amount of expendable cash.  The U.S. government made mention of possibly releasing oil from the U.S. oil reserves but most pundits don’t think that will happen.  In the short term, prices will rise for a while, with a chance of subsiding as we near fall. However, if the Mid-East situation intensifies, higher oil prices for would ensue for the foreseeable future.

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