98 comments on Gasoline Prices – Part I: Immediate Causes
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98 comments on Gasoline Prices – Part I: Immediate Causes
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GAIA Host Collective
Robert, you had much the same reaction that I had and it doesn't take dropping the data into SAS to see how the tightness of supply is a leading indicator on gasoline prices. Last year the market responded to the perceived tightness of the oil supply
It seems the oil markets are now responding with front month WTI up $1.11/barrel and Brent Crude up $1.43/barrel as of this writing.
Arthur Robey
Oil, like rent is an inelastic commodity. In other words it responds sluggishly to increased price. You just have to pay your rent no matter how hard they slug you. Eventually you may be forced into a caravan. It is going to take a lot of weaning to get us off oil.