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.
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Don't worry! It's all just temporary. We all have to die sometime ! That's when we'll 'get a break' !
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.....
When you are paying soo very much for gasoline who on thi earth are we expected to spend more and rise the economy!
When all our money goes into filling our tanks there is no more to spend Mr. Obama! YOU are allowing this practice thus our economy will not rise while Oil Corps run this country and they are running it into the ground!
What a crock!!!! As per Pres at State of Union, Fuel prices better than ever really??? When was the last time he paid for gas or heating oil!!!!! Washington speaking from their bubble again!!! I agree wins5, should be illeagle to speculate!!!
If the pocket lining government officials had to pay for their own gas, this would not be happening.
Just another tax on the 98%.
Well don't these oil corps have to pay to forfeit all of our BLM lands for fracking now don't they.
Search and Destroy is the Oil Corps motto. Westmoreland once tried the Search and Destroy too in a war without a true cause.
Yet I am curious when this country forfeited our lands morals and values to that of the Oil Corps?
The Ol Corps are destroying this nation while those in Washington sit back and watch the destruction in hopeless Aw!!
Here are some numbers from Pat Buchanan:
Negative Trade Deficit: What we bought from our friends and what they bought from us. For Calendar Year 2012 -
Europe: up 16% to US $116 Billion
Italy: US $20 Billion
Ireland: US $25 Billion
Germany: US $60 Billion
So. Korea: up 25% to US $16.6 Billion
Japan: US $76 Billion Just deflated their Yen so it is cheaper to buy their goods.
Canada: US $32 Billion
Mexico: US $61 Billion
Globally: US $736 Billion or 5% of our GNP
China: Up 6.3 times to US $315 Billion
We buy from them and they "buy" all our our natural resources before Americans get to use them. Our prices go up. There is no middle class in America, because they are all in these other countries selling us cheap products and they don't purchase as much from us which makes our factories sit idle.
Going forward unchecked who is going get in the way. Lets change the blend two months early and capatalize on the spring break travelers. Shut down a refinery...lets jack up the price. Build a new refineries? No that would make too much sense.
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.
The market is up 70% with Obama.Thank me, I voted for Obama.We don`t need the 6 million
new jobs with Obama.We need more wars, hate, school shootings and terrorist attacks.
Can we change the constitution and get Bush another term?
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[BRIEFING.COM] The major averages finished the session on a modestly higher note, but not before heavy selling pressure sent the Nasdaq Composite (+0.3%) for a test of its 200-day moving average. The S&P 500, meanwhile, added 0.7% with all ten sectors posting gains.
Equities climbed at the open with the advance built on the relative strength of biotechnology and other momentum names. Despite the solid early gains in those areas, the market began fading from its high as multiple ... More
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