Wednesday, April 19, 2006

Quit Yer Whining

Bush Calls Rising Gas Prices 'Major Problem' for Country

Yo America quit yer whining about gas prices.

Here in Alberta we are paying $4 a gallon, and we own the stuff.

While in the U.S. gas prices are half that.

You want good news or bad news? For commodities, it doesn't matter

But others hold out little hope for lower oil prices in the near future. "I think the price is going to go higher," said Peter Tertzakian, chief energy economist and director of ARC Financial Corp. in Calgary.

With China showing no signs of slowing and North American demand for gasoline remaining strong, "in the near term there isn't a lot of spare capacity out there to make the markets feel comfortable," said Mr. Tertzakian, author of A Thousand Barrels A Second: The Coming Oil Break Point and the Challenges Facing an Energy Dependent World.

While it's true that U.S. crude oil inventories are high, "that's like saying the gas tank is high in my car. But the issue isn't the gas tank in your car, it's at the pump."

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