Fortunately, you and I are in California -- so the effect on price here will be minimal. Then again, you're talking about the oil companies here.
Very interesting announcement from OPEC yesterday. They are so fed up with dealing with the multi-national oil companies -- that they're going to start building a ton of their own refineries -- and start shipping finished product to the United States instead of unprocessed crude.
Frankly, I hope OPEC becomes vertically integrated -- and go all the way by opening their own retail filling stations -- thereby ripping the hearts out of ExxonMobil, Chevron, etc. by providing them with real competition.
What's driving this is that OPEC needs oil to stay in the $35-40 a barrel range. If it stays high like this -- reduced consumption and cost-effective alternatives will shut off their money spigot.
In the meantime, let's hope Rita decides to make a trip to the sunny beaches of Mexico.