Just in time for one of the biggest travel weekends of the year Oil prices rose to $130 a barrel. This is the first time it has hit this high of a record and it may not stop anytime soon. Supply concerns and the Weak American Dollar are just a few of the reasons that oil is rearing its ugly bullish head (not ugly to investors).
Expect prices at the pump to rise in time for Memorial Day weekend. You may want to think twice about your vacation this weekend or your outing at the beach. Prices will be sky high at over $4 at some gas stations across the country.
Let’s hope Honda expedites the release of the gas-electric hybrids they have planned to release in the U.S. next year. Until then its time to get some bicycles and/or walk until these gas prices come down some. Don’t get your hopes up though because gas prices will not go down until at least October and that is if we do not have a bad Hurricane season.