Grab a hold of something and hang on, because a respected JP Morgan analyst says gas prices are about to go bat-crap crazy. We saw a quick drop shortly after Turkey Day, but prices shot back up just as briskly. Now an analyst with JP Morgan says current economic indicators show that crude oil could skyrocket in the coming year and 2023. Don’t think you’re screwed at the pump quite yet, though. Because crude prices have been lower recently, prices at the pump are expected to fall in the short term. Most Floridians should see lower prices at the pump over the next few months, with forecasters saying we should see about a .25 cent drop per gallon. With current prices, that should get us close to the $3.00 a gallon point. While a drum of crude oil has been hoverng around $77, some are saying that the price could jump to $125 early next year. For reference, the price of crude oil determines about 57% of the price of gasoline at the pump. Refining accounts for about 17%. Distribution and marketing are responsible for about 11%, while a full 15% is due to taxes. Higher gas prices affect just about every part of our daily lives. Transportation costs more, meaning it’s more expensive to get to work and to get merchandise to store shelves. The implications are huge and global. Source: WFLA.com
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