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.
Holdup? I've both hands in the air....;-)
What kind of vehicles, and how long will that fill-up last you?
At the rate it has been going here in Central Texas, it will reach 3.00 in a month or so. Every three days like clockwork it spikes .06-.12. Just this morning it was 2.19-2.25. Now it is 2.29-2.37. I suspect it will be around $2.50 by the end of the week.
Exactly -- the obstructionists are both the anti-American liberals and the mindless so-called "conservationists" these self-proclaimed experts of NOTHING.
You would find the Alaskan attitude refreshing. If you ask the average person, especially one who has been there a few years they will tell you that they consider themselves Alaskan first, U.S. citizen second. Another favorite expression is "We don't care how you do it in the lower 48" Rabid tree huggers and PETA anti-fur fanatics are a rare breed there and tend to keep their mouths (wisely) shut.
Well, why hasn't Bush pushed for more refineries if the solution is that simple?
In NYC, I doubt it. But LA, with its psychotic mess of both state and EPA regulations requiring a different formulation of gasoline to be sold practically every other day ... yeah, I can see them hitting $3 easily. All it would take is some minor event in the Middle East happening about the same time some American refinery serving SoCal was offline for a couple of days.
"There are kits you can get online to try to convert cars to other forms of energy and various devices that are supposed to improve gas mileage, but I wonder if they really work"
WItyh gas prices going up I can promise you will begin to see infomercials for all kinds of BS gas saving devices like that Vornado thing put on your aircleaner intake (proven worthless).
Fun? Even smaller cars will cost an arm and leg to fill up.
Instead of fun, your going to see a whole lot of unhappy people.
"Just a conspiracy by big oil"
I don't use words like "conpiracy" or "Big Oil"...I let the tinfoil hat wearing lefties do that. I would point out that the oil companies are having record breaking profits so you tell me, is just POSSIBLE that there MIGHT be a LITTLE gouging going on?
It's already about $2.70/gl around my neck of the woods.
"I would just like to know when we will be getting our hands on Iraqi oil."
"We" were never meant to get our hands on Iraqi oil. The war was actually supposed to be funded by the sale of Iraqi oil.....laughable, but true. When the Islamic morons stop blowing up various pipelines in Iraq, more of that oil will be made available for the open market. But then we don't have the refinery capacity anyway... so it would make little difference.
"I have a passenger car...BMW 5 series...with an 18 gallon capacity.
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."
Check out an Aprilia RS50.
How about until car manufacturers design a car that can legally carry 4 or 5 children on one row of seat. With parents having greater than twin multiples and carpooling, 4 and 5 children in a car and in carseats is not uncommon. Yet Detroit continues to design cars that can hold a max of 4 adults and even fewer children, since kids can't ride in the front. A tiny subcompact should be able to be easily modified to carry 6 kids in specially designed carseats. (Think optional specially designed modular back seats.) It has the room and can easily carry this payload. Where is this car?
Shucks, I covered this some time ago:
Sticker Shock-$3 a gallon gas? Some links
various FR links | 03-17-04 | The Heavy Equipment Guy
http://www.freerepublic.com/focus/f-news/1099933/posts
I am sorry I am not much of a gambler. Does this mean if I bet $1 I get $30 back if it hits 3 bucks a gallon? Or the other way around I bet $30 and get $1 back?
Do you really want to return to gas lines?
Yeah, it is kind of hard to tow a boat or haul mulch with a motorcycle.
I guess we should also get rid of furniture and sit on the floor?
You are completely insane.
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