Venezuela oil, $120/bbl: YES.*
It's not that simple, it never is. But that's the 30-second sound bite and those are the numbers, plus or minus a few bucks.
And now USA Today is reporting:
After sending consumers into sticker shock the past month, how much more can gasoline prices climb?
Another 20 to 50 cents a gallon — a level that could propel the cost of gasoline, now $3.75 a gallon, to all-time highs, some experts say.
Gasoline prices typically climb from February to Memorial Day on expectations of rising consumption and costlier summer-blend gas. But so far this year, prices are surging sooner and faster than ever before — up 45 cents since mid-January.Let's see if the article has any suggestions why the price of oil is soaring so early?
*For explanation, click here.
Cue up Connie Francis.
For the faux environmentalists who stopped the Keystone XL, the CO2 profile of Canadian oil ($60/bb) is the same as the CO2 profile of Venezuelan oil ($120/bbl). In addition, the Keystone XL would have employed tens of thousands of union members to lay the pipeline. And American money for heavy oil would be going to an ally, not to OPEC. One can only wonder about Americans who can argue it makes sense to buy OPEC oil and not Canadian oil.