I have to admit to being totally stunned by gas prices yesterday, but not for the usual reasons. I was able to fill up at $2.66/gallon, after expecting the price to have jumped after all the Katrina-related energy chaos. Alas, it appears that I won't have to wait long for my concerns to materialize, as several experts are predicting that $3/gallon is indeed right around the corner for those of us in the Midwest, where prices have been floating in the $2.60 to $2.70 range recently. While there's discussion of opening the Strategic Petroleum Reserve, it's said to be an exercise in futility as the new reduction in refinery capacity will ultimately be the driving factor behind fuel prices. Meanwhile, Chevron is saying that $70/barrel oil is unsustainable, based on its economic impact.
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