When I hopped in the truck this morning to drive to work I saw the amber low fuel light staring me in the face. I keep hoping the gas will get cheaper before I have to fill up again, so I tend to wait until the light comes on recently. On my way to work I stopped to fill the tank at $4.059 per gallon. I was just staring at the numbers that seemed to go faster and faster as I watched. For the first time ever I spent over $70 for a single tank of gas.
I thought this was amazing until, on my way home I drove past the same gas station and the gas was now $4.159, a full ten cents more than this morning! I guess I should be happy that I bought gas this morning saving over $1.70, but I can’t bring myself to be happy about 4-dollar/gallon gasoline.
On the way home the news report indicated that crude oil had reached a new high today jumping $11/barrel in only one day! That breaks two records: the highest crude oil price in dollars and the largest increase in oil prices in a single day. At lunch with a coworker I was just saying that I thought the price of gas was contingent not on the current price of crude oil, but rather on the price of crude oil at the time the gasoline refinery bought it. That may still be the case, but now I’m not so sure. My coworker suggested that the price goes up when oil prices rise, but doesn’t fall when the oil prices fall. All I know is that I never really believed that the gasoline would reach $4/gallon this year, but it’s not even summer yet and we’re shattering that. Now I’m afraid to believe that $5/gallon is not going to happen.