Tuesday, April 17, 2007Petroleum and Natural Gas Watch
by Michael Vickerman, RENEW Wisconsin
April 17, 2007, Vol. 6, Number 6
“Oh, no, my dear … I am a very good man. I’m just a very bad wizard.”
--The Wizard of Oz
In its latest staged display of bureaucratic omniscience, the Energy Information Administration (EIA) said last week that retail gasoline prices across the nation, which have jumped 25% since January, will peak at $2.87 a gallon next month and then recede before the vacation driving season begins in June. The average price motorists will see this summer will be $2.81, a bit less than what they paid in the previous two summers. EIA’s current forecast comes one month after its previous prediction that gasoline prices would level off this spring at $2.67 a gallon. (Gasoline prices at $2.83 a gallon are Sky High Again in La Crosse.)
The agency’s sunny blandishments may cause a few eyebrows to be raised among the millions of West Coast motorists already paying more than $3.00 a gallon at the pump. Then again, maybe not. With a track record for erroneous forecasting that verges on the spectacular, why should anyone bother to listen to EIA when more reliable predictions can be found on the daily astrology page?
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