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$4 gas

May 15th, 2007 · No Comments

Cross country trips can certainly open your eyes.  In this case, this eye opener wasn’t exactly a pleasant one.  I couldn’t believe my eyes when I saw it…but the price of gasoline in Chicago is astronomical…literally. The average price in Pittsburgh when I left was $2.89 - 2.95 a gallon. On the Ohio Turnpike it was $3.13-3.19. But no, it didn’t stop there.  On the Indiana Turnpike $3.39-3.49. And finally in Chicago $3.59-3.79. It wasn’t just a one station fluke.  It was every station in the metropolitan area.  There was even one station selling premium gasoline for $4.09 per gallon. Mindboggling indeed.

Thank god I’m invested in the oil companies, so that all the money spent on gasoline is being recuperated by capital gains. If only the average American were smart enough to do it, they wouldn’t be complaining so excessively about price gouging by the major oil companies. I continue to be bullish on the oil companies, including Exxon Mobil (XOM) which has been steadily hitting all time highs, now north of the $80-81 range.

Tags: Stocks · General