by Bodog - 08/17/2005
Today, Bodog added to its list of oil and gas wagers, a bet on whether the price per gallon of gas would reach a national average price of US $2.70 by January 1, 2006.
Bodog has seen 75% of its bettors back the price per gallon of gas reaching a national average of US $2.70 for self-serve regular. The average price of gasoline surged to more than $2.49 a gallon at week's end. Chicago alone saw the price per gallon rise to US $2.64.
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"As betting patterns are great indicators of the public mindset, we can say without doubt that the consumers expect fuel costs to rise substantially in the coming months," says Calvin Ayre, Founder and CEO of Bodog. "The jump at the pump comes at the heels of a hike in crude oil prices, which reached around US $67 per barrel last week."
Last week, Bodog received a record amount of betting action on the price per barrel of oil. 80% of bettors backed the price of crude oil reaching US $70 per barrel by year-end.
"Only a week ago, when the price per barrel was at $62, we posted odds on the possibility of the price per barrel reaching $70. We learned pretty quickly that consumers are bracing themselves for skyrocketing oil prices," says Ayre.
With a voracious demand for oil from the United States and other growing economies such as China and India, the supply for this valuable commodity is falling short of adequate sustainable levels.
The price per gallon of gas has come close to breaking the record set during the Iranian Revolution, when a gallon of gas cost about $3 in today's dollars.