Gasoline tops $3 a gallon for 1,000 straight days

And that dubious record, experts say, means costlier gas is here to stay.

By 247 Wall St. Sep 16, 2013 5:05PM

Image: Buying gas (© moodboard/Corbis/Corbis)By Paul Ausick, 24/7 Wall St.

 

It is the sort of record that most people would wish had never been set. According to the American Automobile Association (AAA), a gallon of regular gasoline in the U.S. has cost an average of at least $3.00 a gallon for the past 1,000 consecutive days for the first time ever.

 

Gasoline last cost less than that on Dec. 22, 2010. And if the AAA is right, the next thousand days will not see the price drop below $3.00 a gallon.

 

"Paying less than $3.00 per gallon for gasoline may be automotive history for most Americans, like using 8-track tapes or going to a drive-in movie," noted Bob Darbelnet, president and CEO of the AAA.


"The reality is that expensive gas is here to stay, which is tough on millions of people who need a car to live their lives." he added. "While a few lucky drivers may occasionally pay less than $3.00 per gallon, the national average is likely to remain more costly into the future."

 

Since January, the national average price for a gallon of gasoline has been $3.57. That should come down in the final few months of the year as demand drops. The full-year average in 2012 was $3.60 a gallon, the highest cost on record, according to the AAA.


An average U.S. household spent more than $2,900 on gasoline in 2012, about 4% of pretax income.

 

"Spending more on gas concerns consumers because it reduces savings and spending for everything else we need,"  Darbelnet said. "Our leaders can help alleviate this economic burden by encouraging a national policy that stimulates production, limits price volatility, ensures greater efficiency and promotes alternative energy."

 

Some 46% of U.S. drivers think that more than $3.00 a gallon for gasoline is too much, AAA data show. When the price tops $3.50 a gallon, 62% think gasoline is too expensive. A full 90% believe $4.00 a gallon is too expensive. When gasoline prices are believed to be too high, 62% of Americans say they cope with higher fuel prices by changing their driving habits or lifestyle. It looks like more of us will be doing that in the future.

 

More from 24/7 Wall St.

Tags: oil
133Comments
Sep 16, 2013 5:49PM
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It will never be below $3 again, no matter what scenario comes to be. While the price of gas comes down with the end of summer, so does the gas mileage. Gasoline mixture changes and mileage comes down. I have a Honda CRV, 2012, as does my wife. Last year the mileage dipped from 30 to below 25. Took car to dealer In Cincinnati, and it was checked out. They then informed us that it was due to the change in mixture for winter mix. Profits actually go up, while less gas is used. Price fixing, gouging and out and out scamming is perfectly acceptable apparently.
Sep 16, 2013 5:54PM
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This is a joke and we are the punchline.  If you believe with oil futures at these prices that Gas should be over 3 bucks you don't understand what goes into the price.

 

Its funny how Exxon wants to sell us on the fact that "hey, its just percentages" as they record higher profits every year.  Hey, I am a capitalist but this is probably the best case of, lets get them used to paying it, so we can edge it higher.

 

Oil supplies are higher today than they were in 1980 when Gas was bouncing around $1. 

Sep 16, 2013 5:58PM
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You know, when we saved on electricity with more efficient appliances and green construction, electric rates went up to close the gap so no savings in the end.  Is there much doubt that as we make more fuel efficient and electric vehicles that gas prices will continue to rise to cover the loss in revenue?  Curious thought.
Sep 16, 2013 6:57PM
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A high gas price is the monster that is preventing a true recovery in this economy.  As long as gas prices are illogically high, so also are all items that we buy that must be trucked in, such as groceries and essentially all consumer items.  It means having less money to purchase food, durable goods, to travel, to save, to spend on health care, and education, which reduces spending and profits in all these categories.   It affects the ability to choose better employment when a long commute is required and cancels out any financial benefit.  If gas prices were around $1.50 or so and prices of everything we buy actually went down a little as a result, and lower wage workers actually received a 40 hour pay week, I don't think there would be as much demand for increasing minimum wages.  I know it's hard to believe for youth today, but there actually was a time when a full -time minimum wage job did not mean needing to be on food stamps, and the worker could even afford to purchase a new American made auto, and even buy a modest home.  Of course this was before cell phone plans, cable tv, and internet service costing consumers well more than $100 per month. It was the 1960's and 70's and early 80's.and gas was less than $1 per gallon.
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"An average U.S. household spent more than $2,900 on gasoline in 2012, about 4% of pretax income."

Calling B/S ................ THAT would make the AVERAGE American household income $72,500.00 instead of about $50,00.00, anything to make your point, or in this case .... hide the facts!
Sep 16, 2013 6:28PM
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Obama has had a big hand in high prices. Worst president ever.

Sep 16, 2013 6:05PM
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Oil should be treated as the utility that it is, and not some swashbuckling wild commodity on which manipulation and speculation is allowed. Wall street got a key law changed around the year 2000, and since then its been speculation and higher, higher prices.This might actually happen if oil companies didn't own this country outright.
Sep 16, 2013 5:35PM
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All the more reason to develop vehicles that run on something other than gasoline or diesel.
Sep 16, 2013 6:46PM
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How long did you morons have to think about the conclusion that gas prices are going up and will stay up.  Get rid of speculation and the prices will come down.

Sep 16, 2013 5:52PM
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Come on guys remember high gas prices were suppossed to be Bush and the Repubs fault ?? Now Obama was gonna save us from high fuel costs,,,but nope he wont allow us to drill and use our own oil,cause a salamander might get stuck in the oil. Shut up you tree hugging Libs !
Sep 16, 2013 6:18PM
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Screwed by Big American oil !! Fook the country and all of us, profit is the only thing they care about.
Sep 16, 2013 6:24PM
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Humme lets see gas over $3.00 for 1000 days ,looks like Obama has been in office ,sooo if the shoe fits ???
Sep 16, 2013 6:15PM
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53% of Americans voted for higher gas prices...

 

San Diego, CA  $3.87 a gallon.

Sep 16, 2013 6:03PM
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Compressed natural gas technology is here and existing gasoline and diesel vehicles are easily converted to run on both. Couple this with hybrid technology and we could easily have automobiles capable of going 250-400 miles between fill ups at a fraction of present cost. Infrastructure capacity is already expanding due to increased usage by interstate truckers. This should have been a primary agenda in our energy policy to become an energy independent nation. Along with the development of thorium reactor technology (the safest so far) we could be a huge energy exporter an become a wealthy nation that exports more than it imports in short order. In stead we are sitting back and watching countries like China and India jump ahead of us in research, development and implementation.
Sep 16, 2013 7:15PM
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WHERE'S ALL THE BIG MOUTH HYPOCRITE DEMONCRATS AND PROGRESSIVE LEFT WING

GREEN  NUTJOBS AND MEDIA WHO JUMPED ON BUSH AFTER KATRINA WHEN GAS PRICES

WENT UP TO 2.50 A GALLON???? WHERE'S ALL THAT FING TAXPAYER MONEY OBAMA

GAVE TO HIS FRIENDS AND BIG UNIONS AND SUPPORTERS INSTEAD OF SPENDING IT ON

DRILLING ON GOVT LAND OR ON THE ROADS AND BRIDGES BUT THOSE WEREN'T SHOVEL

READY JOBS ONLY HIS BULLCRAP WAS SHOVEL READY! HIS EPA NAZIS ARE KILLING THE

ECONOMY AND BUSINESS WITH MORE REGULATIONS AND BRINGING UP FOOD GAS AND

ENERGY PRICES JUST AS THE DICKTATOR SOCIALIST SAID HE WOULD DO! YOU PEOPLE

IN THE NORTH EAST WAIT TIL IT'S FREEZING COLD AND THERE IS NO COAL OR GAS FOR

HEAT! DON'T BLAME THE REPUBLICANS OR THE OIL GAS AND COAL COMPANIES!

Sep 16, 2013 6:55PM
Sep 16, 2013 5:57PM
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I once saw gas at one station, to my surprise at  $2.95  last summer. Yet the average around america and especially California remain unrealistically high.
Sep 16, 2013 5:44PM
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People will pay whayever it takes...just like cigarettes and drugs...we say we will change if/when things get more expensive...but then we suck it up and keep right on going.

If electric vehicles actually drop in price, people might buy them. But there have to be charging stations.

And the price of electricity has to be reasonable...as well as replacement batteries.

Makes no sense to go electric if the power plants use oil for generation.

Maybe if we all lived a little closer to work?

Maybe if mass transit was better?

$3/gal will look cheap in another generation or so.

Sep 16, 2013 7:19PM
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AL GORE AND ALL HIS DEMOCRATS ARE MAKING BILLIONS ON THIS GREEN ENERGY SCAM

SAME AS GE NBC NOTHING BUT COMMUNIST JOBS TO CHINA NO TAX OBAMA COMPANY!

AND OTHERS LIKE SOYLANDRA RIPPING OFF THE TAX PAYER! THIS ENTIRE THING IS A

SCAM TO GET RID OF CHEAP NATURAL SAFE ENERGY TO PUSH THEIR SOCIALIST CRAP!

IF THE TECHNOLOGY WAS THERE SOME BUSINESSMAN WOULD BE MAKING CARS THAT

CAN RUN ON OTHER THINGS AND DIDN'T COST A FORTUNE! TECHNOLOGY IS NOT THERE!

WHERE THE **** IS ALL THAT STIMULUS MONEY FOR GREEN ENERGY? IN OBAMA'S BANK

ACCOUNT ALONG WITH ALL THIS LEFT WING FRIENDS AND BIG UNION SUPPORTERS!

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