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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Gov Bobby Jindal was right you freaks on the right are stupid.
LOL President Obama four more years!!!!!! Biden in 2016.
Go **** yourselves you morons.
ROTFLMAO AT YOU!!!!!
A responsible President would be releasing some of our reserves during
this time of so-called maintenance time, but I guess that isn't included in his
Contrary to accepted belief, what goes up rarely comes down. Or what goes up quickly comes down much more slowly.
To all you morons that think the president has anything to do with gas prices rising, Republican or Democrat.........it is just the oil companies ripping off the little man again. Has nothing to do with who is in office!!
Ban all speculation in energy and food futures; the manipulation of the markets will stop and we will be back to supply and demand economics.
“Fathom the hypocrisy of a government that requires every citizen to prove they are insured………But not everyone must prove they are a citizen.”
“And now, any of those who refuse, or are unable, to prove they are citizens will receive free insurance paid for by those who are forced to buy insurance because they are citizens.”
- - Ben Stein
Like I said buy enough votes even a loser can win. I am prepared to
lose a lot as in the last 4 years.The administration does not HAVE A CLUE
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[BRIEFING.COM] The stock market finished the Tuesday session on the defensive after spending the entire day in a steady retreat. The S&P 500 (-0.6%) posted its third consecutive decline, while the small-cap Russell 2000 (-0.9%) slipped behind the broader market during afternoon action.
Equity indices were pressured from the start following some overnight developments that weighed on sentiment. The market tried to overcome the early weakness, but could not stage a sustained rebound, ... More
More Market News
A light news day combined with heavy technicals weighed on the market.
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