Ouch! Gas prices hit a 6-year seasonal high
Forget those forecasts about stable gas prices this summer. Violence in Iraq is driving the price up.
This post comes from Krystal Steinmetz at partner site Money Talks News.
Prepare yourself: The price at the pump is going up.
The escalating conflict in Iraq is driving gas prices higher. The pump price averaged $3.67 per gallon in the U.S. on Wednesday, the highest it's been on that date in six years, USA Today said. That was also today's national average, according to the AAA Daily Fuel Gauge Report.
"Despite hopes for a less expensive summer, it looks like Americans are stuck paying above-average gas prices," AAA spokesman Michael Green said.
The price of oil, which accounts for at least two-thirds of the cost of gasoline, is climbing to near nine-month highs. Iraq trails only Saudi Arabia in oil production among OPEC nations, Bloomberg says. It produced 3.3 million barrels of crude in May.
According to Bloomberg:
The jump in crude, driven by concern that the crisis in Iraq will disrupt supplies, may boost pump prices by 10 cents a gallon at a time when they normally drop, according to forecasts, including one from the (Energy Information Administration).
"If things deteriorate even more, the spike could be even bigger than that," Phil Flynn, a senior market analyst at Price Futures Group in Chicago, said by telephone. "If it weren't for the situation in Iraq, gasoline would be coming down by now. This will probably keep it elevated all summer. It's really disappointing."
Gas prices are over $4 per gallon in Alaska, California and Hawaii, Bloomberg said.
Do you have any summer road trips planned? Will a spike in gas prices spoil your vacation travel?
More from Money Talks News
Two U.S. senators on Wednesday said they want to raise the federal gasoline and diesel tax by 12 cents a gallon to prevent a fund that pays for about half of the country's transportation projects from running out of money in August.
Republican Sen. Bob Corker and Democrat Sen. Chris Murphy called for raising the tax 6 cents a year for two years and linking future fuel tax increases to inflation.
The gasoline tax is now 18.4 cents a gallon, and the diesel tax is 24.4 cents a gallon.
CORKER AND MURPHY NEED TO GO ! TAX AND SPEND,, TAX AND SPEND !
NOT ONLY WILL YOU BE PAYING AT THE PUMP, BUT FOR ANYTHING THAT MOVES ON THE GROUND,SEA AND AIR
Its still Bush''s fault even though it was 1.80 a gallon national average when he left office... It didnt take long to hit 3.00 a gallon under this NEW CHANGE ADMINISTRATION now did it?? The ones who voted for him dont care they get FREE EVERYTHING ANYWAY they dont care what anything costs they get free OBAMA BUCKS, once again the working man takes one in the posterior and will always!!!
The democratic way is the ME ME ME ME HANDOUT WAY on the backs of the TAXPAYER A.K.A THE WORKING MAN
If this country is stupid enough to vote another DEM in especially BILLARY we need to all quit paying taxes etc... Businesses need to quit taking taxes out of our paychecks and if we do decide to pay taxes thats our choice if we agree with what is going on and choose to fund it then so be it! I know one thing is I wont help thats for sure..
Good day everyone
" No........ Surplus or not, raise the price. We can always find something or someone to blame it on."
[ One corporate gas weasel talking to another gas weasel ]
Still there are fools who will vote for the same jerks over and over again..
It's past time to take our country back from the under a thousand people who are destroying it.
Well yes for sure the oil companies needed something to blame to raise prices and rip people off again, the perfect way to steal is blame it on high oil prices, well America, we have more oil here at home now then we ever have had in the past, south Dakota oil fields hold enough oil to out supply anything that the middle east has ever sent over here, so I hope that every American call congress, etc and this time lets not tolerate this garbage. The day is coming that electric cars are going to hand it back to these greedy bastards.
I already drive a volt and have not bought gas since February,
If you people think that we Americans are so stupid that we don't smell the fishy garbage that you lie about daily think again.
from the miracle crashing of 8 hard drives at the IRS. and the criminals taking the 5th in order to keep lying and stealing from us citizens, to this bull crap.
again @DAVE1230 this is the rest of it please enjoy..
In addition, according to the , prices (in nominal dollars: not adjusted for inflation) peaked during Bush’s second term at $4.09 per gallon in July 2008 and then fell to $2.15 in November, when there was an election, and fell further in December 2008 to $1.68 per gallon.
When Bush entered office in January 2001, the price was $1.47 per gallon. (It peaked in Bush’s first term at $2.02, in October 2004.)
Under President Obama, have not fallen below $2.05 per gallon since April 2009, and the highest average price, so far, was $3.93 in May 2011.
This week, CBS News reported that a shell station in Lake Buena Vista, Fla., was charging $5.99 per gallon for premium, and another station in Orlando, Fla., was . The average price in Florida is $3.67 for unleaded.
The AAA Web site lists the , showing California with the highest average at $4.20.
The U.S. city average for the price of one gallon of unleaded gasoline, as documented by the -- from when Barack Obama was elected in November 2008 to today -- is presented below:
November $2.15 Barack Obama defeats John McCain in presidential race
December $1.68 Last full month for President George W. Bush
January $1.78 Barack Obama inaugurated as president (Jan. 20)
this is as far as it goes but hopefully your smart enough to see the patern here??
@DAVE1230 you sir are struggling...
(CNSNews.com) – The average price for one gallon of unleaded gasoline has increased nearly every month since Barack Obama was inaugurated in January 2009. At that time, when George W. Bush was leaving office, the price was $1.78 per gallon. Today, three years and one month later, the average price is $3.64.
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