Morning Ladies and Gents,
Okay folks, no reason to hide. It is not like we could anyway. If you have to go to work, or just get around, high gas prices looks like they are here to stay for the foreseeable future.
Gas prices for Americans; well they suck. Keep in mind that this data is old, as there had not been an update over the last week. From Reuters dated Feb. 12, 2012.
The average price for a gallon of gasoline in the United States rose nearly 12 cents in the past three weeks to about $3.51, due in part to higher prices for North Sea crude oil, according to the nationwide Lundberg Survey.
Ouch. The full article is here. Hold your hats cause it gets better, errrr worse.
A war with Iran seems to be getting more likely everyday. If that happens exchange your hats for helmets. In the meantime Iran just sent a big F-You to Europe. Per Reuters again.
“Exporting crude to British and French companies has been stopped … we will sell our oil to new customers,” spokesman Alireza Nikzad was quoted as saying by the Ministry of Petroleum website.
According to the article the EU has already started to cut back consumption from Iranian imports in anticipation of future sanctions against Iran. The sanctions are aimed at persuading Iran to quit their nuclear power program. The rest of the article can be found here.
I don’t know what is going to happen between all the parties involved here. Looks like a lot of posturing for the time being and hopefully it stays that way, as a war would be bad. Unfortunately, the markets are not taking kindly to this news. WTI(West Texas intermediate) prices are now at $105 a barrel and Brent prices are at $119. Here is a link, go check it out.
Think of all the exercise that is waiting for us. Hello smaller waist line.