When will gas prices stop rising?
Some analysts are puzzled by the increase, and one says the national average could easily top $4 a gallon this spring.
The start of 2013 has been tough for consumers. Many saw a chunk missing from their take-home pay when payroll taxes increased. Now they're getting hit at the gas pump, with fuel prices climbing by nearly 14% since Jan. 1 to an average $3.75 a gallon.
What's behind the jump? Refinery shutdowns are leading "to tighter supply, which also has driven up prices," a spokeswoman for AAA told The Wall Street Journal.
Hess (HES) is shutting down its Port Reading, N.J., refinery, while other refineries have reduced supply because of planned repairs. Refineries often use winter for maintenance, given historically lower demand for gasoline as drivers cut back in poor weather, the Journal notes.
There's one trend analysts are agreeing on: Prices aren't likely to reverse direction anytime soon.
"Traditionally, gas prices rise anywhere from 40 to 60 cents a gallon in late March through early May," GasBuddy.com oil analyst Patrick DeHaan told the New York Post. He says if that happens this year, "it will easily send the national average over $4 a gallon."
That's already a reality in some areas. Residents in Southern California are paying the highest prices in the country, with Santa Barbara drivers paying an average of $4.32 a gallon, according to GasBuddy.com. The cheapest gas is found in Billings, Mt. -- a hub for state's oil boom -- where a gallon sells for an average of $3.17.
Some consumers are paying even more: A few locations have reported gas prices of more than $5 per gallon. One station in Los Angeles on Monday was selling regular unleaded for $5.19 a gallon.
At that price, a car with a 17-gallon tank would require more than $88 to fill up. With big bucks flowing into gas tanks, it's possible that consumers will look to cut back in other areas -- and that could create a challenge for the stock market and the U.S. economic recovery.
More on moneyNOW
This President wants higher gas prices to force people to use alternative fuels that we have yet to invent while using vehicles that are not efficient and cost more than the average person can afford. He is forcing the issue. Just as he is forcing the tax issue. Your take home pay is smaller even though you may make less than $200,000.
He has given this alternative fuel plan to the American people numerous times in the recent past and no one bothers to find fault with it.
The pipeline you refer to is NOT in his future view of the world. The Canadians will be shipping all their reserve raw materials overseas along with the USA. KMP has a large pipeline from Alberta to the west coast of Canada and will be building another similar sized line adjacent to the first. The oil, gas and coal of the Americas will be going to the Chinese and other nations, but we will be unable to use them as is the case with the Eastern States Coal. It seems that this selling of our resources to other countries is counter productive to Global warming, but the whole ideas is to prevent America from using it. Global Warming is only a sham for us to lose focus on what is really happening.
We do not need it as the President doesn't have much love for the American way of life and we will soon find ourselves in the biggest Recession - Depression we have ever seen. Get ready for it. The Chickens have come home to roost and God seems to have damned America.
All of you "Obama-Voters" need to give Obama some High-Fives!
Also, in California? Give your Governor "Moon-Beam" some High-Fives too!
Watch your "Wind-Mills" churn out liberal energy!!
We will be having a recession soon anyway, so gas prices will not even be a factor for the recession, but will come down due to the recession as jobs will become scarce and driving will become unnecessary.
The US economy is on a death watch sometime before now and 2015 the US economy will totally collapse and I mean totally collapse in that it loses it's world currency status as China takes over that roll.
Look Congress to solve the debt problem has to two things neither of which they are willing to do.
First is create 25 to 35 million new jobs paying $125,000 a year.
Second is cut like $1 trillion a year from the US budget instead of the $2.8 trillion over 10 years or just $280 billion a year.
Pretty much anything short of these draconia measures will result in the total collapse of the US economy.
Let's see.... payroll taxes increased, (Obama said he wouldn't rais taxes on the middle class), gas is going up (Obama won't allow the Canadian oil pipeline), Sequestration will hit us in 10 days (Obama won't quit spending)...I see a theme emerging.....
Of course they are doing repair work while the middle east is in termoil and has already raised their prices. They can do the repairs now and cause prices to go higher so when they do finish the market will have to fall or maintain the inflated prices that are being set now and they will continue to make even more money.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market ended the holiday-shortened week on a mixed note as the Dow Jones Industrial Average shed 0.1%, while the S&P 500 added 0.1% with seven sectors posting gains.
Equity indices faced an uphill climb from the opening bell after disappointing quarterly results from Google (GOOG 536.10, -20.44) and IBM (IBM 190.04, -6.36) weighed on the early sentiment. Google reported earnings $0.15 below the Capital IQ consensus estimate on revenue of $15.42 ... More
More Market News
Remy Cointreau says it was 'adversely affected' by China's anti-extravagance policy.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'