Goodness knows gasoline is the only product on the market not affected by market conditions, that’s why we poor consumers held hostage to high gas prices really needed Compassionate Politicians Mugging For Camera Time to step in and teach those Big Oil Executives (grrrr!) a lesson. Which they did on Nov. 9, when futures contracts for oil closed at $58.93/barrel and for gasoline closed at $1.5513/gal. And as I’ve shown here on the LR, oil futures fell after that Historic Meeting: on Nov. 29 oil futures were down to $56.50 and gasoline futures were down to $1.3951! Hallelujah! Praise Congress!
But heavens to Murgatroyd, according to a market snapshot right now from NYMEX (30 minutes delay), oil futures are at $60.25 and gasoline futures are at $1.6240 ? higher than they were Nov. 9! Is Congress’s effect so short-lived? Or could something else (what else could it be?) explain it? The folks at Bloomerg.com seem to think there’s a market explanation, but we’ve already assumed that possibility away!
