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Thursday, March 31, 2005

Off the chart

Literally! That's the chart for NYMEX unleaded gasoline for the past year. Right now it stands at $1.67 (you pay more at the pump because of taxes and distribution costs). That's a new all-time high. I saw $2.29 for unleaded at gas stations coming to work this morning, the highest I remember seeing around here. They'll be higher tomorrow.

Goldman Sachs released a report today saying that oil has entered a "super-spike" period which could see oil go as high as $105 a barrel. While oil futures are currently slightly below their recent all-time high of $57.60 per barrel ($55.55 at of 1:30 EST), they're headed back that way in a hurry.

Bring 'em on, I say! The economic disruptions caused by high energy prices will be nasty. The damages caused by the continued profligate use of cheap energy would be far worse.

BTW--I just found the chart resource I've been looking for--WTRG Economics.

Here's the chart for NYMEX crude oil futures for the past year:

WTRG also has charts of retail gasoline prices broken down in various ways.