Odds Are
Gas Prices Will Rise
Oil prices soared to record
highs this week following the recent death of Saudi
King Fahd, the closure of refineries in Texas and
Louisiana, and the news that Iran plans to resume
its uranium-enrichment program added to ongoing
tensions in the Middle East and increased worldwide
demand. In the end, it is consumers that pay most,
feeling it at the pump with gas prices approaching
record highs as we near the end of the busy summer
travel season. With the cost of gas continuing to
capture the headlines, PinnacleSports.com today
became the first bookmaker in the world to release
betting lines on the price of gasoline in the United
States.
The largest sports betting site on the
Internet, PinnacleSports.com has created numerous
betting options on the average price of a gallon
of regular gasoline in the U.S. as reported by AAA
on http://www.fuelgaugereport.com . With current
prices already approaching the highest recorded
average price of $2.321 per gallon, set on July
14, PinnacleSports.com believes gas prices will
surpass that mark and may rise even higher by the
next national holiday. The company has created a
unique betting line on whether the average price
of gas will reach a previously unheard of $2.35
per gallon by Labor Day. PinnacleSports.com has
also set a betting line on the price of gas reaching
an astronomical $2.40 per gallon by New Year's Day,
which is a slight underdog to occur at 2/1 odds.
Bettors can also wager on the price of gas hitting
$3.00 per gallon in either of the nation's two biggest
cities by January 1, 2006, with the odds that the
price per gallon in New York or Los Angeles will
reach that mark set as a 30/1 long shot.
"Gasoline prices continue to be a thorn in
consumers' sides this summer as several factors,
including increased demand and political concerns,
boosted oil prices above $62 a barrel within the
last week," said Simon Noble, PinnacleSports.com.
"Although the new Saudi regime does not plan
to alter its current energy policy, concerns remain
regarding declining gas supplies and increased refinery
problems. With the national average price already
hitting $2.30 per gallon, it won't be a stretch
to see consumers paying $2.35 or more at the pump
before Labor Day."
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