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Energy

Gas Nears $4, As Crude Rises Over 4% In The Quarter

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By Douglas A. McIntyre Published

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WTI crude rose just over 4% in the first quarter to almost $103.

The effects on the price of gasoline were evident as the average price of a gallon of regular nationwide was flat for the second day at $3.925. But the action has been relentlessly higher for the last two months. Gas prices for regular are up from $3.738 a month ago and $3.619 a year ago.

Many investment banks and oil analysts still believe that WTI may well reach $125 or better if the supply interruption from Iran cannot be balanced by new shipments from Saudi Arabia. The matter is made more complex by the belief that the Saudis could actually cut production if the US, UK, and France simultaneously releases crude from their strategic oil reserves. This may drive the price of oil lower than the Saudis would like, at least temporarily.

When the US and allies release oil reserves in June 2011, prices went down for four months, but quickly recover and the economy begun to turn up.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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