Early enthusiasm on the part of traders over the death of Osama bin Laden on Sunday quickly dissipated Monday, and sent gasoline prices skyrocketing on Monday afternoon to a new all-time high of $4.29. The last time they were nearly that high was August/September 2008. Experts say that traders originally felt things would be more secure now that bin Laden is gone, and that drove oil prices down the lowest they had been in three weeks. But fear soon set in, causing prices to rise.
As of press time Wednesday, gas in the Cedar Springs area still ranged from $4.29 to $4.26.