While we drivers do not like the direction gas prices are taking one bit (that would be inching up), investors in Exchange Traded Funds (ETFs) for gas and oil are seeing opportunity knocking.

Gas is up a nickel a gallon, and $3/gal is the target many experts are pointing to. Oil prices are up to $82/barrel. Tension in Nigeria. China still building up its reserves.

Check out the charts in the article.

It all looks like a classic case of buy low, sell high to us. Might be a good time to get some protection for your fuel budget.

A group of bright boys in the back room (Harvard researchers) see that in order to meet Obama administration targets for increasing fuel taxes, Americans will have to pay something like $7/gal for gas.

We guess that should meet their fuel consumption reduction goals.

Oil has bounced between $70 and $80 for the last eight months, but did get over the $80 mark today, then back down to close at $79.86. That is close enough for us!

Everybody knows that Spring brings flowers, birds and higher gas prices.

Retail prices were flat today according to AAA auto club $2.703/ gallon, so fill your gas tank now, and ride your bicycle for the summer.

$3 gas (at least) is on its way.

Not necessarily. The real question is where is it going from here. The real answer would be UP even though the economy is weak.

Analysts say we are looking at $3 gas this Spring. Check your wallets, everybody. At $3/gallon the average motorist ( using 50 gallons of gas/mo.) will spend $150/mo for gas, or about $15 more than at present.

That’s another manicure we’ll be skipping.

US Energy Sec, Dr. Steven Chu, doesn’t think so.

Wide swings in oil prices are difficult for industries to manage and the U.S. government is concerned about another price spike, Chu said.

Even $80 oil is making him nervous.

“We’ve repeatedly said what the world wants and needs is stable prices,” Chu said. “They have been inching up recently and it’s a little bit concerning.”

We’d be doing some hedging here instead of counting on Dr. Chu to do it for us.