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The price of crude oil was up for a second straight trading day, closing at $64.40, up $1.07 from Friday’s close. This is the first time in nearly three weeks that the price of oil has risen during consecutive trading days.
A large reason for today’s increase was news that a damaged oil platform, owned by BP, will not be operational until the middle of 2008. The platform, located in the Gulf of Mexico, was damaged last year during Hurricane Dennis, and was expected to be up and running by the first quarter of 2007.
Although this does not appear to be very significant news, it appears traders have been searching for any “bad” news to help the price of oil rebound off of five month lows. Despite today’s increase, the price of oil is still nearly 18% off of its record high of $78.40, set on July 14.
Despite the increase in the price of oil, the average price for a gallon of regular gasoline fell another $.03 today, and now stands at $2.49 per gallon. Today’s average price is the lowest average price for gasoline since March 27, when gas was $2.47 a gallon.
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If there was any doubt about the link between the U.S. government and the price of gasoline, take a look at the consecutive drop in the price of a gallon of gas in the U.S. in the 2 months prior to the election, and now the increase after the elections are over.
If possible, get the statistics of gas prices prior to the prior election and you’ll see a pattern. It can’t be coincidence. In fact, it would be great for someone to track the last 20 years of major U.S. elections and the cost of a gallon of gas just prior to and just after the elections. Might make for some interesting reading and speculation.