Oil Little Changed - Gallon of Regular Sets Another Record
May 31st, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Friday, crude for July delivery moved higher, closing at $127.35/barrel, up 73 cents. June reformulated gasoline added a penny in its last day as the front-month contract, to $3.41/gallon.
Michael Lynch, president of Strategic Energy & Economic Research, believes the long-term trend is down.
“Certainly, a political disruption of oil supplies — civil war in Nigeria, major fighting in southern Iraq, attacks on Caspian pipelines — could occur and would send prices sharply higher, but overall there is a greater likelihood that prices will drop in the next few years, and perhaps sharply,” Lynch wrote.
But John Person, president of National Futures Advisory Service, said he wouldn’t be inclined to call a top “until we close back under the $118 level, which was close to the high made last month.”
All of which is of little concern to drivers, who watched as the retail price for a gallon of regular gasoline climbed to another record of $3.962 Friday, according to AAA’s Daily Fuel Gauge Report. That’s up 24.2% from a year ago.
Source: Oil Little Changed - Gallon of Regular Sets Another Record
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.