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 Gas May Hit $5/gallon This Year On Goldman's Prediction

[thomazwrx]

If your not familiar with Goldman Sachs Group Inc. heres some info on them:
In March 2005 they predicted that prices would rise dramatically, It did. Prices jumped to the $125 level after another Goldman report less than two weeks ago. At this point nobody wants to bet against Goldman.

Just yesturday the price per barrel went as low as $121 but today friday 6/16/08, Goldman released a report citing China may increase fuel imports to generate power after the earthquake damaged hydroelectric plants. So now oil is hovering around $127 per barrel.
Here is a scary thing... Goldman pridicted Oil will rise to $135.30 in the third quarter and $145.60 in the fourth quarter.  :banghead: 

Here is a really good rule of thumb: For every $1 increase in cost of a barrel of oil pump prices will rise around $0.05 so if oil goes up $3 pump prices will go up $0.15 per gallon.
Now apply that math pump prices now cost $4.09 for premium and it was around $124.6 per barrel of oil the pridiction says $145.6 so theres a $21 increase per barrel and 21*0.05 = 1.05 and 4.09+1.05= $5.14 per gallon of gas :mad:

[thomazwrx]

Daym this is starting to get depressing... today 5/20/08 Price for oil shoot to $129 a barrel of oil that is $2 more then the day before and will cost you another $0.10 more per gallon at the pump. By the weekend you should start to see gas at $4.09 for regular 

[thomazwrx]

Quick update: For some reason investors got all oil happy and the price went to $135 ber barrel but fell back down and closed friday 5/23/8 at $132.19

[thomazwrx]

Ok well prices have been bouncing around this week so far so i decided to only post updates every friday from now on. I read a report stating that the demand dropped allot and shortly after the price of oil went down nearly $4 then the next day a group called Morgan Stanley reported that oil may reach $150 so it went back up almost $2. Its almost a self-fulfilling prophecies because the reason investors bought more oil because some one said it would cost more  weird huh?

[thomazwrx]

Some good news demand droped so much that oil fell $11 in the las two days...