Lubbock Gas Prices Leap Toward $3 - KCBD NewsChannel 11 Lubbock

1/3/08

Lubbock Gas Prices Leap Toward $3

Lubbock drivers saw a giant leap in gas prices overnight. Most stations are still below the $3.05 national average, but not by much.

Thursday, NewsChannel 11 spotted prices mostly between $2.85 and $2.99. Rudy's Country Store has posted $3.06 per gallon since long before Christmas.

This price hike follows yesterday's record milestone on Wall Street, when crude oil traded for one hundred dollars a barrel.

Market watchers say one lone trader, seeking bragging rights and a minute of fame, bought a 1,000 barrels and then immediately sold the lot for $99.40 per barrel. 

"He paid $600 for the right to tell his grandchildren that he was the first in the world to buy $100 oil," said Stephen Schork, a former floor trader on the New York Mercantile Exchange and editor of an oil market newsletter.

Some analysts question the validity of the trade.

Increasing violence in Africa, a weaker U.S. dollar, and fear that supplies won't match increasing global demand also fueled the increase.

The BBC contributed to this report.

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