Arizona Discount Travel Blog

Fuel prices rising – I wasn’t off by far according to this forecast



By Dan Dorfman – New York Sun – April 28, 2008

Analysts predict that market factors with drive gas prices up to $7 to $10 a gallon … and most likely higher than that …

>>>>> For those not as familiar with the oil / Petrochem market as I am, I’ll explain this in easy-to-understand terms …

The prices are high due to the fact of the recession in the United States and the economic crisis which has touched several countries, a situation which has an effect on the devaluation of the dollar, and therefore each time the dollar falls one percent, the price of the barrel rises by $4, and of course vice versa.

If the dollar strengthens by 10 percent, it is probable that (oil) prices will fall by 40 percent … <<<<<

Get ready for another economic shock of major proportions — a virtual doubling of prices at the gas pump to as much as $10 a gallon.

That’s the message from a couple of analytical energy industry trackers, both of whom, based on the surging oil prices, see considerably more pain at the pump than most drivers realize.

An Arco gas station in San Mateo, Calif., has already raised its price to a sky-high $4.62.

These increases are taking place before the all-important summer driving season, signaling even higher prices ahead.

Translating this price into dollars and cents at the gas pump, one of our forecasters, the chairman of Houston-based Dune Energy, Alan Gaines, sees gas rising to $7-$8 a gallon.

The other, a commodities tracker at Weiss Research in Jupiter, Fla., Sean Brodrick, projects a range of $8 to $10 a gallon.

This would undoubtedly create considerable global economic distress

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April 28, 2008 Posted by | Commentaries, In the news, Oil and Gas News | Leave a comment

Wachovia Bank – caught laundering drug money

By CNN News – April 26, 2008

When Wachovia Bank isn’t busy losing billions of your dollars in bad lending, they midnight as a drug-money laundromat …

Was that wrong? …

Should they not have done that? …

The bank is being investigated by prosecutors as part of a probe into alleged drug money laundering by Mexican and Colombian money-transfer companies, according to the Wall Street Journal.

Wachovia Corp. is being investigated by Federal prosecutors as part of a probe into alleged drug money laundering by Mexican and Colombian money-transfer companies, according to a Wall Street Journal report Saturday morning.

A Wachovia official said the bank is cooperating in the probe, which is also scrutinizing several other large U.S. banks, according to the newspaper.

The bank severed its ties to these money transfer firms in December and January, when the investigation began.
*** AHA! … in other words, you got caught red-handed back then and are trying to squirm out of the picture by offering such a dumbass statement! … ***

The U.S. banking industry has pursued a foothold in the remittance industry, which transmits more than $50 billion from the U.S. to Latin America annually – primarily on behalf of immigrants sending money back to their families.

The industry charges high fees to transfer these funds.

The probe comes at a difficult time for the bank, which announced on Friday that it will pay $144 million to settle federal charges that it failed to stop telemarketers from taking advantage of thousands of elderly consumers.

If you bank with them now, run as fast as you can and close your accounts!

April 28, 2008 Posted by | Commentaries, In the news | 4 Comments