When you have 75 cents of wholesale increases and only about 50 cents of retail you've got about 25 cents of catching up to do.
I joke that you give up low gas prices for Lent.
The nationwide average could easily push through $2.50 per gallon this week.
I suspect there will be enough ethanol, but that logistics -- getting rail and truck transportation to furnish the ethanol to key markets -- will be the nightmare that drives prices.
Oil has become a safe harbor for a lot of investment money.
The market is in the grip of what I would call invisible hands: the investment community and the speculative community. We're going higher. It's just a matter of where.
We'll go below two dollars again by next fall I think, if we don't have any more Katrina- or Rita-type events.
The bottom line: Retail prices are going higher on the short term.
The bottom line is this: You're going to see prices move considerably higher in the next 90 days. It's just a matter of when.
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