Report For Week Of 6/23/08

1. This Week In Oil and Gas Prices Oil Ended Last Week At: $134.62 Ended This Week At: $140.21 Change: $5.59 Oil Review Despite China increasing gas prices to citizens by 8%-16% last week, and oil prices falling $4.75 on that day from concerns it would decrease demand do to increased prices, the next day prices almost fully rebounded. Oil meeting in Middle East promised an increase in production this week, however oil prices still climbed substantially. UNLEADED Gas - Stations On Rt.8 and Rt.50/301 Highest Of Week: $3.96 Lowest Of Week: $3.88 Trend: Most Expensive Fill Up Of Week: $53.26 Gas Review A gas price forecast/report stated that gas prices are likely to reach $5 a gallon by Labor Day, and $7 a gallon by 2010. Prices have yet to cross the $4 mark here on the Island, topping out so far at $3.99 last week, then dropping to $3.88 this week, and then rising again this weekend.