Odds Are Gas Prices Will Continue to Rise

August 6, 2005 by admin
Filed under: Entertainment and Sport, Oil Industry 

PinnacleSports.com Releases Odds on the Cost of Gasoline in the U.S.

WILLEMSTAD, Curacao, Aug. 5 /PRNewswire/ — 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.”

PinnacleSports.com will continually update lines on the gasoline price betting options and will offer similar lines on a monthly basis. All prices will be determined as reported each day by AAA on http://www.fuelgaugereport.com .

Current Odds: (All Odds Subject to Change)

— Will the average price of regular gas reach $3.00 per gallon
in New York or Los Angeles by 01/01/2006?
No 1/50
Yes 30/1

— Will the average price of gas in the U.S. reach $2.35 per gallon by
Labor Day, 09/05/2005?
No 20/21
Yes 20/21

— Will the average price of gas in the U.S. reach $2.40 per gallon
by 01/01/2006?
No 5/11
Yes 2/1

For a more information and a complete list of odds, please visit http://www.pinnaclesports.com .

About PinnacleSports.com

PinnacleSports.com (http://www.pinnaclesports.com) is the Internet’s largest sports betting site, serving customers in more than 80 countries worldwide. Founded in 1998, PinnacleSports.com was the first sportsbook to introduce reduced margin wagering, using a -105 pricing model that gives bettors up to 50% better value on wagers than traditional bookmakers. With low minimum bet requirements and the highest maximum limits on the Web, PinnacleSports.com has earned an industry-leading reputation for providing consistent value to the player, professional customer service and the quickest payouts online. Fully licensed and regulated in Curacao and the United Kingdom, the company offers a secure environment for sports betting, racing and casino gaming.

Source: PinnacleSports.com

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