Gasoline tops $3 a gallon for 1,000 straight days
And that dubious record, experts say, means costlier gas is here to stay.
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.
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.
All I heard for years was Bush, Cheney, Halliburtin and that was back when gas was $1.90 but now all I hear is speculators, big oil and other blah, blah, blah.
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!
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.
53% of Americans voted for higher gas prices...
San Diego, CA $3.87 a gallon.
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!
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.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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