ummm...can someone explain this to me
http://finance.yahoo.com/q/bc?s=XOM&t=3m
http://finance.yahoo.com/q/bc?s=BP&t=3m
http://finance.yahoo.com/q/bc?s=CVX&t=3m
CNN and others speculated that gas would be $4 a gallon after Katrina, so the oil companies knew they could get away with raising the price so that it would sell at 3.30 a gallon and people would think that a crisis was averted. Right now, there are people all over reading and hearing about this possible hike in prices and trying to figure out how high this speculation will allow them to make the actual price.
The oil market right now seems to be driven by speculation and, when CNN publishes articles like this and oil companies are making record profits, I have to wonder where the media's allegience lies.