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GAS PRICES: "The party is over, let the hangover begin ..."

Posted May 31st, 2009 by Charles Langley

UCAN News

High prices at pump to climb further

Gallon of gas may top $3 mid-summer, experts say

In Saturday's San Diego Union-Tribune, Staff Writer Onell Soto reports from a variety of experts who are at a loss to explain exactly why gas prices are spiraling out of control when demand is down and oil storage tanks are bursting at the seams with a 19-year surplus.  Since February, UCAN has warned that the local average for gasoline could touch $3 a gallon, but now it is entirely possible that prices could scream past it. 

"It simply doesn't make sense in terms of supply and demand,” says Charles Langley, an analyst for the Utility Consumers' Action Network, and Manager of UCAN's Gas Project at www.fueltracker.com,  “A lot of these price hikes have more to do with the role of speculators, people who don't even use the stuff, getting into the market.”  

"The party is over, let the hangover begin" says Langley.

 Read the full Union-Tribune story here.

For a complete analysis by UCAN of the excuses used by the industry to gouge consumers, see: "Our refinery was attacked by carnivorous winged monkeys!" This and other reasons why gas prices are shattering records.

 

 

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