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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