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Put an end to oil speculation!


Oil speculators pushing up prices.

Gasoline hits $3.30 a gallon in Northeast Ohio.
By Ken Robinson, Newsradio WTAM 1100
Check out Ken's personality page
Saturday, February 5, 2011
(Cleveland) - Gasoline prices continue to rise, with the average cost of a gallon of regular $3.17 according to ClevelandGasPrices.com. The highest price in the area is $3.30, while the lowest is $2.90.

Patrick DeHaan of ClevelandGasPrices.com blames increasing costs on Wall Street speculators fears of trouble in Egypt.

DeHaan contends that gasoline supplies are at a high level right now, and the higher prices could be consider "gouging" at the wholesale level.

DeHaan says even if the Suez Canal were blocked, little oil travels to the U.S. through that waterway.

DeHaan thinks gasoline prices may later fall to $2.80 once the political situation in Egypt settles before spring, but once winter ends, refiners begin making more expensive blends because of environmental mandates.

http://www.wtam.com/cc-common/news/sections/newsarticle.html?feed=122520&article=8134362