Bad news on the doorstep,
I couldn't take one more step...
--lyric from "American Pie" (1971) by Don McLean (Iona College, B.B.A. '68)
Just when you think things can't get any worse, leave it to a Wall Streeter to wreck your holiday weekend-- a full two days before it starts.
I know my job here is to comment on trucking but as I don't own a commercial vehicle, nothing brings the fuel crisis home to me as thumpingly as the price of gas.
Of course gas prices at the pump are affected by many factors-- transportation costs (yep, trucks bring it!), taxes, and a real bone of contention in my home state of Connecticut: the legalized thievery known as "zone pricing."
But I digress... The thing is when plain old regular gas hit $4.00 and then promptly started floating upward to reach the $4.19 range this past week, I was thrilled to hear over the car radio that at least one analyst expected the price to peak Memorial Day Weekend and then if not drop at least slide on back a bit.
Dream on, Dave. That bubble of optimism was spectacularly burst this morning by a piece in The New York Times that revealed an "oracle of oil" (that is the newspaper's description, not mine), one Arjun N. Murti, an analyst with giant investment bank Goldman Sachs, "foresees a 'super spike' -- a price surge that will soon drive crude oil to $200 a barrel."
