Dateline:  Terry, Montana

August 10, 2009 12.30 PM MDT

By:  Bob van der Valk

Dateline:  Terry, Montana, July 19, 2009, By:  Bob van der Valk

By Charles Langley, UCAN Gas Project,  As of this writing the average price of gasoline is about $2.92 a gallon in San Diego. And prior to this morning, we had predicted some steep declines in the price of fuel over the weekend of six to twelve cents a gallon on average.

Then it happened: Chevron had its annual refinery fire.

Did we say annual refinery fire?

Yes, as a matter of fact we did.

Dateline:  Terry, Montana By:  Bob van der Valk,

GAS REACHES RECORD HIGH AT $3.05 A GALLON
Have prices peaked, or are we witnessing the tip of a rapidly rising iceberg?

Oil closed at $70 a barrel today. There is no good market reason for the run-up. In fact, the Department of Energy reports that demand for oil is down and that oil inventories are at a record-breaking 19-year high. The financial media (largely CNBC) has been gleefully abuzz of late about rising commodity prices - especially oil - as somehow signaling a rebound in the economy. They have suggested that high commodity prices are somehow a "green shoot" or "mustard seed" that shows the market still has potential. It's too bad they are absolutely wrong.

Friday June 5, 6PM - For the last 60 days gas prices have risen in San Diego by an average of nearly a penny every 12 hours. If this trend continues (and it probably will) local gas prices should top $3.00 a gallon on average by Thursday afternoon - a 58% increase since the beginning of the year.