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
I guess prez and family really thought they deserved that nice long weekend of golf and skiing at the tax payers expense while we can barely afford to put gas in our vehicles and food on the table.
It is a really sweet racket the government has going up there, would love to see that expense report.
I guess that cutting spending in government doesn't include their expense account............GO FIGURE!!!!!!!!!
People you need to realize that the Wall street greed group is the ones who are raising the prices of gas at the pump when the demand has lessened. If you want an accurate portrayal of how the gouging of gas is run you should check out the following link from February of 2012.
When people realize the common everyday working AMERICAN is not in the equation this makes more sense. We are just a funding source and our well being is of no concern to the government. Foreign governments owns more of the US than the AMERICAN people. They are beholding to them and we are up for sacrifice. Politicians are getting rich off of oil and gas so don't expect any help from them.
People struggling to survive and giving up meds and foods to put gas in vehicles while politicians live a grand life at our expense. Learn to survive and be self sufficient because you are your only hope as the AMERICAN government is out to take all you have.
Beat down citizens have little hope of uprising against the government. They know what they are doing!!!
Where can you get your Internet at speeds 20 Times faster than in the United States, your cable TV and telephone bundled all for $ 38 per month? ... In France... Because the Government owns the Utilities Company... I would love to see the United States Government do that here and Nationalize the Oil and Gas Companies. I bet we'd have less gas spills.
If you agree with me then lets start a movement with our elected officials...Instead of bailing out the banks and Hedge Fund people who are running up the price of gas repeatedly over and over again... how about giving all those who actually vote in each of the elections a million dollars or more... I'll bet they could circulate it throughout the economy and buy houses and autos etc...
If you agree e-mail me at or leave me a message and your e-mail and tel. Number and lets's start some real change... Yes ! II voted for Obama but am Tired of the Congress, especially the Republicans getting away with it and off the hook over and over again !!!
Try living in the UK there they pay US2.00 per liter (that's about a dollar a pint).
0r US 9 + per gallon. In the US it's about US5 a gallon.
Stop moaning you ain't seen nothing yet!!!!
Maybe all the food stamp recipients need something to spend all the money they aren't spending for groceries on. But for those of us who still have to pay unbelievable prices for our needs, it makes it really ruff. Can I tell you? I hope everybody that voted for the current occupant of the White House 1st and 2nd term is happy. But of course, I keep forgetting all of this is George Bush's fault.
Ah,,,,,yes i remember the days when gas prices were .23 cents a gallon, how we use to own these gas guzzling cars, and think nothing of it, to take drives in the country,without a thought of how much it would cost us, yes the quality of are lives seem to be slipping away, and it's not going to get better, any time soon , unless of course you've found a cash cow,or drive a bicycle.
ok folks, it is against the law (federal) to export american produced CRUDE oil.
soooo why is it NOT against the law to export refined products made FROM said american crude oil?
ask your congressman
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. 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 SIX Financial Information.
Despite growing sales across gender lines, the maker of the flavored malt liquor is beefing up its ad budget to attract beer drinking dudes.
- Big job gains expected next year, economists say
- Oklahoma senators change tune on disaster relief
- New Jersey bar sting turns up 'swill'
- Charles Ramsey gets burgers for life, but no Big Macs
- Shotgun wedding for Saks and Neiman Marcus?
- Yum aims to fatten up by doubling Taco Bell sales
- Mike Bloomberg's next career: Taxi magnate?
- At software giant SAP, autism is an asset
- Target blames weather for soggy results
[BRIEFING.COM] The major averages ended modestly lower with the S&P 500 shedding 0.3%.
The benchmark average saw an opening loss of 1.2% after Japan's Nikkei tumbled 7.3%. Japanese stocks sold off amid continued volatility in Japanese Government Bond futures as the 10-yr yield spiked almost 16 basis points to 1.002 before the Bank of Japan's JPY2 trillion liquidity injection caused yields to retrace their gains.
Adding insult to injury was news out of China where the HSBC ... More
More Market News
In this edition of Investor Beat: new home sales rise in April. What does that mean for investors?