Posts tagged gas prices
By now every driver knows the drill: The price of gasoline ratchets up, there’s an outcry among motorists who feel gouged at the pump and then things settle down as the higher price becomes the new normal.
Well, AAA has come up with a sobering statistic: the average price of gasoline will surpass $3 per gallon Tuesday for the 1,000th consecutive day. That’s never happened before, the motoring organization says.
In case you’re wondering, the current streak began on Dec. 23, 2010. Today, the national average for a gallon of regular is $3.52, according to AAA’s daily price tracking service. That’s a nickel a gallon less than the average so far this year. And unless there’s another recession, AAA forecasts that a price floor of $3 a gallon is basically here to stay.
“Paying less than $3.00 per gallon for gasoline may be automotive history for most Americans, like using 8-track tapes or going to a drive-in movie,” said Bob Darbelnet, CEO of AAA. “The reality is that expensive gas is here to stay.”
If there’s any good news here at all, it’s that with the prospect of U.S. attack on Syria diminished, gas prices could moderate, but they won’t fall below $3 a gallon, says Patrick DeHaan of the group-sourced gas price reporting site GasBuddy.com.
“The market took a chill pill and is reacting as I would expect to the prospect of a peaceful resolution,” he says. “I could see the national average in the very low $3 (a gallon range) by the time we’re talking about last minute Christmas shopping.” source – CNBC
Gas prices have risen for 32 days straight, according to AAA.
That means that the average price for a gallon of regular unleaded gasoline has increased more than 13% over that period to $3.73.
It’s hitting wallets right in the middle of winter, when people are already looking at large home heating bills. And it comes just after many Americans have been hit with smaller paychecks, and are worried about looming budget cuts that could deliver an even deeper blow.
What’s behind the higher prices at the pump? It’s a confluence of factors, from rising crude oil prices, to production cuts and refinery closings.
“Right now, things are tight worldwide,” said Ray Carbone, president of New York commodities trading firm Paramount Options. “Refineries going down, unanticipated maintenance, and higher demand … going into driving season.”
Two-thirds of the cost of one gallon of gas comes from the price of crude, which has jumped 10% in the last two months, according to the Energy Information Administration. As the U.S. housing market experiences a resurgence, the jobs picture brightens and consumer spending expands, anticipation of higher oil demand is driving up prices. At the same time, fears have ebbed that there would be a protracted slowdown in China’s economy, which would have dampened global demand for oil.
OPEC, the powerful cartel of petroleum exporting countries, is also believed to have cut production by about 1 million barrels a day in the last few months, partly in response to rising oil production elsewhere, notably the United States.
Adding to that, several refineries are either preparing to, or have already, shut down for maintenance before their annual switch to summer gasoline, which is formulated differently.
For the average American, all this couldn’t be happening at a worse time.
AAA is monitoring the price increases — on average nearly 10 cents in just the past 24 hours.
California prices continue to go up, while prices in the rest of the country to head downward.
AAA tells Burden that the higher prices are a result of refinery power outages, a fire in Northern California, and low fuel inventory as stations switch from summer to winter blends.
At these prices, customers are inclined to fill up their tanks. Said one, “I’m going to stop filling it up because I don’t want to spend any more money right now.”
There is one site that helps consumers find the lowest gas prices in their area.
The site is called GasBuddy.com and they promise the most up-to-date price info.
GasBuddy.com also tells consumers where the highest priced gas is being offered, discounts and specials.
source – CBS
The average price of a gallon of regular is now $3.87, the highest recorded price in March.
The average price is up nearly 4 cents from a week ago, and over 30 cents from a year ago, according to the Department of Energy, as more drivers face gas prices of $4 a gallon or more across the country.
Last week, the average gas price was $3.83 a gallon, the previous record according to data going back to 1990.
The West Coast was once again the most expensive region with an average gas price of $4.23, up almost 2 cents from last week, with an increase of over 37 cents from a year ago.
The least expensive was the Rocky Mountain region with $3.62 a gallon. That region had the highest increase from last week, 14 cents, while the average price there climbed almost 24 cents from a year ago. source – ABC News
TAMPA (CBS Tampa) — Talk about pain at the pump! Some Florida drivers are spending nearly $6 a gallon to fill up their gas tanks.
According to GasBuddy.com, motorists are shelling out $5.89 for a gallon of regular gas at a Shell station in Lake Buena Vista, topping out at $5.99 a gallon for premium. It doesn’t get better at a Suncoast Energy station in Orlando, where drivers are paying $5.79 for a gallon of regular.
“Prices over in the Disney World area are much higher than any other place in Florida,” Jessica Brady, AAA spokeswoman, told CBS Tampa, adding that people regularly complain about gas prices in that area.
The Sunshine State is opening up its wallet, paying an average of $3.67 a gallon of unleaded gas, 12 cents more than the national average. And it’s only expected to go up.
“It doesn’t look like we will have relief at the pump anytime soon,” Brady told CBS Tampa. “I do think we will see prices surpass $4 a gallon. I think we will see that closer to spring time.” source – CBS Tampa
Hey America, remember that “change” you asked for?
Just in time for Presidents Day: get ready for the long holiday weekend’s highest prices ever in Southern California as $4 gasoline is expected to arrive in Los Angeles, Long Beach, and probably Orange County, too.
That’s what energy analysts are predicting as the average price of a gallon of gasoline in the Los Angeles-Long Beach area reached $3.996 a gallon overnight, up nearly 2 cents since Thursday. That was also a jump of 15.9 cents a gallon since last week.
That’s according to the AAA Fuel Gauge Report, a daily record of credit card receipts compiled from more than 100,000 service stations around the U.S. by the Oil Price Information Service in New Jersey and by Wright Express.
Not far behind the L.A. area: San Diego is also on the brink at $3.992 a gallon, up 16.2 cents since last week, according to the report. Orange County was also on the cusp, rising 16.2 cents a gallon in the past week to an average of $3.989 a gallon.
“There was quite a paroxysm in the spot market for wholesale gasoline and a confluence of refinery maintenance,” said Tom Kloza, chief oil analyst for OPIS. “It’s quite noticeable because the price of crude is also over $100 a barrel. And if you live on the East or West Coast, you are dealing with a lot of $115 to $120 a barrel oil, like Alaskan crude and Brent crude.”
Kloza was referring to refineries in the state that had shut down for maintenance, which usually causes a spike because supplies are so tight, but that wasn’t the only factor.
Kloza said that California is already in its switchover from cheaper winter blend gasoline to a more complex and more expensive summer blend of gasoline. California is the first state in the nation to make the switch.
The pain at the pump is widespread in the state. Overnight, average prices rose above $4 in the Santa Barbara, Santa Maria and Lompoc region ($4.031 a gallon); in the San Luis Obispo, Atascadero and Paso Robles region ($4.030); and in San Francisco ($4.006 a gallon).
California’s average stands at $3.956 a gallon, which is also a record for Feb. 17, breaking the old mark set last year by a whopping 45.3 cents a gallon
Voting for change
America, have you had enough yet? I mean, really, down deep in your bones, have you had enough of the Occupier-in-chief and his change? In case you haven’t noticed, the economy still stinks, unemployed is still just as high and we have started a third war we can’t afford. Change? You bet’cha!
(CBS) – At one time, $5 per gallon gas seemed like a farfetched idea, but that is no longer the case. As CBS 2’s Roseanne Tellez reports, as of Monday, the average price for a gallon of regular unleaded gasoline in the Chicago area is $4.11, compared with $3.71 a month ago, and about $3.10 a gallon at this time a year ago.
Some experts say $5 per gallon gas is possible by Memorial Day.
Drivers Monday morning were practically numb to the price spikes. “What are you going to do?” said Shannon Thompson. “We’ve become so gas-dependent in this country. There are so many SUVs. I mean, I’ve had a hybrid. It worked great. Right now, I’m just going to deal with it.” Prices at some gas stations were as low as $4.09, a bargain compared to the $4.29 at some service stations downtown.
“It’s painful,” said Lamar Magee. “You’ve got to make a decision on where you drive and where you go nowadays.” He said he is “definitely” making changes to his routines. Magee says it will cost him about $120 to fill up the 30-gallon tank on his van. But even that pales in comparison to the big rigs. Truck driver Mark Kanarowski says his truck holds 200 gallons. “It’s got to be a huge expense for the company,” Kanarowski said. “I went to St. Louis over the weekend to fill up my own car, and I was paying about $4.13 a gallon. It hurts.” source – CBS Chicago