Skip to comments.Gasoline to hit $3 a gallon: wanna make a bet?
Posted on 08/08/2005 8:20:52 AM PDT by newgeezer
NEW YORK (Reuters) - The largest sports betting site on the Internet expanded Friday into the energy arena, offering gamblers a chance to bet on soaring U.S. retail gasoline prices.
"Record gasoline prices are affecting everyone, so why not let people bet on it?" said PinnacleSports.com spokesman Kyle Fratini. "We've been thinking about this for months."
The online betting site, which normally focuses on mainstream sports like football, basketball and soccer, is giving gamblers a chance to bet on whether gasoline will reach $3.00 a gallon in New York or Los Angeles by the end of the year, with 30 to 1 odds.
On Friday, average gasoline prices in Los Angeles were a lofty $2.616 a gallon, up more than 20 percent from last year and among the highest in the nation, according to the AAA's daily survey.
AAA's survey will be used by PinnacleSports.com as the benchmark for its bets.
Nationwide, gasoline prices are zipping along just over $2.30 a gallon, within 2 cents of the record peak hit July 14, as oil refiners are forced to pay up for record world crude oil prices of over $60 a barrel.
Also up for wager: Will the average price of gas in the United States reach $2.35 per gallon by Labor Day? Will the average price of gas in the U.S. reach $2.40 per gallon by the end of the year?
Fratini said maximum bets on gasoline will be around $500, though the site allows for bets in the thousands of dollars for sports like football.
Where is the legislation we hear is coming to enable U.S. lands drilling in ANWAR and elsewhere???? Screw OPEC. The U.S. needs to minimize OPEC oil need NOW!!!
it already hit 3 bucks in L.A.
I was out in Montauk, New York earlier this summer. Gas was already $3.00/gallon at one station.
Where is all that oil from Iraq. We can blame Clinton for this mess when he sent Richardson to the Saudis and negoated price for oild.
It was 22.00 a barrel then and running just fine, everyone was happy. Clinton believed 35.00 was more fair to allow the russians to pay back its debt (it didn't) and Richardson, took a great system and screwed everyone.
I would just like to know when we will be getting our hands on Iraqi oil. I thought cheaper oil was on the way once Saddam was kicked out. What's the holdup guys?
Currently in the $2.80+ range in some areas during the past 48 hours.... So doesn't have far to go.
Apparently, the bet is on the whether the average as reported by AAA will reach $3.
"They're using AAA's average USA pricing."
yea, well unfortunately when you pull up to your local gas station, it don't work that way. LOL
you pay what they offer!
$3.29 at the Mobil in Calabasas(and that's for Regular)
Milwaukee WI, one week ago regular unleaded gas was selling for $2.32/gal, this morning it was selling for $2.59. Out-frickin'-rageous!
We probably don't want it to look as if we invaded Iraq to take their oil. (/sarcasm)
3.00 per gallon will be fun. More bikers, more motorcycles, people may actually quit buying SUV's.
Several years ago, the oil cartel said they wanted gas at $3.50 per gallon in the US, since the EU was paying about that. Outrageous price fixing.
I don't see what will stop the oil companies from charging $3 or even $5 per gallon. Heck why stop there? Why not $10 per gallon? No one is going to do anything about it until the gas prices start hurting the market. When investors start getting hurt by it, then Congress will say, "gee I think we might have to look into the gas prices."
But LA and ALL of the rest of CA deserves paying those prices for energy look what THEY keep electing to DC and Sacramento.
I think the final determining factor will be worldwide usage. The days of $2.50 per gallon gas will become a happy memory as prices continue to rise.
If I were Honda I would be ready to build at least 500,000 per year of the new 8th-generation Honda Civic model for the US market, given that the new Civic will be roomier, more powerful, and yet use 5-6% less fuel than the current Civic models. And Honda has another even more fuel efficient model (Honda Fit, due late Spring 2006) that could become very popular here in the USA.
As Rush says...for all you people in Rio Linda, that's $48.40 to fill it up....which I have to do 2-3 times per week.
When gas becomes so expensive that alternative forms of energy become competative, the price will come down.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.