U.S. Prices just went below $2.00 per gallon. Then this happened today: Two explosions at a pair of oil pipelines near the Persian Gulf forced the shutdown on Tuesday of Iraq's main oil export terminal for about 10 days, costing the country up to $1 billion in revenue and potentially raising world oil prices. The sabotage was the most devastating attack so far in a series of ambitious infrastructure assaults clearly intended to paralyze the country. An industry analyst said world oil prices will increase if the repairs take more than 10 days (NYT). Oops.
This is unreal. Now they've blown up a pipeline in the North: http://www.washingtonpost.com/wp-dyn/articles/A43956-2004Jun15.html
I paid $1.79/ gallon today. it's gone down almost 20 cents in the past 3 weeks. We'll see what impact this has, if any.
First of all gas station owners are all crooks. They hear in the media that oil prices are going up they change the prices at the pumps that day. There prices they paid did not go up. So they lowered the price at the pump now that can't happen either. They lowered it because they already raised the price before so if they lower the price a few pennies now they are still making hugh profit. Hve to put pressure on the stations not to jack up gas prices because what they here in the media.
The Iraqi pipelines have been attacked almost daily for the last few months. It is hardly ever going at even the current normal output, let alone anywhere near the pre-invasion amounts (especially in the north). The bombs will not affect gas prices that much. If Bush the Yonger can hold things together, prices won't go up until after he is elected.