Seems like it bumped up about 5 or 6 cents here in the last week, but I dont know if that's a long term trend. I think the price on a bbl of oil went from about $46 to $50 due to the fighting in Gaza.
Not to derail, but I also heard a weird story on npr last night about natural gas supplies being cut short for northern/central Europe due to a confusing situation in Russia, where it comes from. I thought I was sure glad my fuel supplies don't come from that crazy land.
Right now in Southern California the price of regular is 1.75$ and diesel is 2.09$. The recent drop in prices is due to two factors. The first is the yearly seasonal oscillation of prices that happens every year, and the second is the dramatic downturn in the economy. With people out of work they don't drive back and forth each day, and take less trips in general to save money.
I'm really not any good at predicting the economy, so I won't bother going there. I'm better at predicting the price of gas, so here's my prediction for 2009. From December of 2007 to June of 2008, the price of gas rose 1.38X. For the same time period, diesel rose 1.48X. Using these ratios for 2009 I'll go out on a limb and predict that in my area gas will rise to ~2.41$/gallon (1.75$X1.38=2.42$/gallon)! For diesel it will be 3.09!
Now, economy wise I really can't say, but in my heart I'm expecting things to get worse before they get better. What effect that has on the price of gas I don't know. Still, the June 2009 price will be significantly higher than it is now.
Good luck to you all,
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