If you feel like you’ve been paying more than ever at the pump, you’re not alone. The feeling is coming from the fact that you are indeed paying more for gasoline than any American in history. The national average for gas prices in the U.S. has now tipped $4.08 a gallon, and there really is no sign of a slowdown as crude oil futures also hit an all-time high at $141 a barrel. Yes, indeed, these are tough times for American motorists.
During times like this, some entrepreneurs figure, “hey, I can attract crowds with super low gas prices.” Of course, they’re right. Watch what happens when this ploy is attempted with gas prices at an all-time record high.
People showed up for the free gas, all right. They did to the point where a huge traffic jam ensued, causing even more gas to be burned, and we’re talking about full price gas. In any event, a Broward county Free Gas Giveaway resulted in the radio station who sponsored the event giving away 4,000 gallons of gas.
Today the trading on Wall Street has been choppy, but some analysts, such as Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc., expect better results soon.
“When you have this type of slipping in and out of the plus and minus column — usually that’s an indication that the market is trying to stabilize. But I think we’re going to need capitulation for the market to begin to stabilize,” said Cardillo.
After some initial downs, certain stocks are rebounding behind news that crude oil has bounced off its’ record high.
—Midday stock highlight:
H&R Block (HRB), announced they went from a loss to a profit in the fourth Quarter. “While we are not providing earnings guidance beyond fiscal 2009, we are confident that for the three-year horizon through fiscal 2011, we can realize significant gains in earnings per share through unit growth, greater efficiency in our tax and other operations, and capital deployment, rather than relying solely on annual price increases for growth,” said interim Chief Executive Officer Alan Bennett.
Oil is up, but investors are still hoping for good earnings news.