Gasoline prices hit new high, seen jumping more

[UpInArms]

Source: Reuters

NEW YORK (Reuters) - U.S. average retail gasoline prices have reached a new high of almost $3.20 per gallon and will likely jump another 20 to 30 cents in the next month, worsening the pain of consumers struggling to make ends meet in an economic downturn.

Gasoline prices are rising sharply as refiners, who have kept prices down in order to compete for sales, become more willing to pass on their higher costs of crude oil, according to an industry analyst on Sunday.

The national average for self-serve regular unleaded gas was nearly $3.20 a gallon on March 7, up about 9.44 cents per gallon in the past two weeks, according to the nationwide Lundberg survey of about 7,000 gas stations. The price has risen 64 cents per gallon in the past 12 months.

"The price increase was entirely due to the higher costs of crude oil," said survey editor Trilby Lundberg.

Although the latest price represents a nominal all-time high, when adjusted for inflation it is a smidgen below the record of $3.18 per gallon reached on May 18, 2007, Lundberg said.

Read more: http://www.reuters.com/article/ousiv/idUSN0940508020080309?sp=true

[cliss]

1. A sure sign that Peak Oil is here.

These past few months, the American driver has actually started to cut back. I'm not sure if this is a first (maybe something similar to the OPEC embargo back in the 70's).

Either way, drivers are starting to make changes. = decreased demand. This means that prices should go lower.
Instead, we are seeing just the opposite. Only one conclusion = the stuff's running out.

[freedomnorth]

19. Bumpy plateau. n/t.

[NickB79]

20. Global GROWTH in oil is projected at 1.4 million barrels per day this year

Even with the insane prices, the decreased demand from the US will be offset by the increased demand by India and China.

You are dead-on: we're at Peak Oil, and oil production is falling faster than demand destruction. We're screwed.

[2Design]

2. bullshit - BFEE and his buddies in Arabia are looking for more record profits - I do not buy into

any bullshit explanation like the stupid press does and they are such good robots repeating the lies.

[sarcasmo]

3. 3:35 here in West Michigan. 3:95 for Diesel. GM, Where is my EV1?

[ConcernedCanuk]

4. We're around $1.10 a litre in Northern Ontario, that'd be $4.40 for an American Gallon.

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.
.

So Americans are still getting a better price than us Canuks.

Stop whining already!

[Jackpine Radical]

6. That's because of your high taxes in Canuckistan.

If you did like us and were willing to forgo taxes and just run your government on a bribe system like we do, then you too could drive big-assed SUVs down to the grocery store and the bar just like we Real Americans do.

[ConcernedCanuk]

9. Ahhh - what a choice.

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Think I'll stay home in Canada.

Silly me.

[Ghost Dog]

11. .

:rofl: I'd better not tell you about prices here in Europe...

[tabasco]

15. You don't even need a car in Europe.

Trains and buses go everywhere.

[mitchleary]

30. I will say one thing

Europeans have access to much more efficient cars than we do in the states. You are not going to see a diesel powered audi A2 or anything like that.

[OzarkDem]

12. ROFL

:rofl: Good point, seems the bribe system works for keeping gas prices lower anyway...

[Amonester]

23. tsk, tsk

see my reply #21 below (don't want u to miss it...)

[Amonester]

21. tsk, tsk

and when any of them Le Canadien ever get any sudden fever from unknown origins, no need to panick too fast: all they have to do is drive to the nearest clinic, or ER, and they'll receive the attentions they need in lest than 30 minutes, and all that for zero-dot-zero-zero dollah...

oil taxes do them very good, n'est-ce-pas?

[Jackpine Radical]

27. Oui, mon ami, c'est vrai.

But I didn't get into that whole issue because I don't know how the Canadian tax & budget system works--whether, for example, there is an "earmark" system in which the oil taxes are targeted to roads or whatever, or whether they go into some general fund & are available for spending on health care.

[tabasco]

5. Thanks Bush.

Thanks, republican voters.

Thanks, non-voters.

[woodsprite]

7. Newark, DE - Diesel is $4.00/gal today.

Guess I will be staying at the pool with the kids during our vacation this year instead of heading to the beach.

[L0oniX]

8. Watch the cost of gas go down after this summer as the November elections get close.

It's being manipulated just like last the last GE. Meanwhile the CEO's are raking it in. Damned rich bastard asscarrots!

[ConcernedCanuk]

10. Don't count on it - price goes down, profits go down for the oil barons.

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There will be a new "crisis" around election time.

Take that to the bank.

[NickB79]

22. There was no large drop in oil prices after the 2004 elections

http://en.wikipedia.org/wiki/Oil_price_increases_of_2004_and_2005

That's a very strong trendline going up, up, and away.

[flyingfysh]

13. Heating oil is $4.09/gallon in Massachusetts

I just had to get another delivery, 160 gallons this time.

I was lucky; I only(!) paid $3.09/gallon, because the price was locked in because of the contract with my oil supplier.

[MindMatter]

14. The thing that none of the "experts" seem to understand is this:

A major part of the run-up from $45 to over $100 per bbl is simply that the Bush dollar isn't worth nearly as much as it used to be. That's what happens when you run the printing presses nonstop to find a trillion dollar war and at the same time nearly double the non-war Pentagon spending and also throw in some bailouts for the big bankers who screwed up the finance industry.

Other than oil, most Americans have not been too sensitive to the collapse of the dollar internationally because China has invested so heavily in the dollar. Because China has so much at stake with the value of our dollar, they are willing to keep their cheap crap flowing to Wal-Mart. But that doesn't mean boo to the people who are looking for payment for their oil. If we pay in dollars, they require a lot more greenbacks now.

That story is not being told and in fact it is the primary reason for the explosion in oil prices.

[BB1]

26. As the dollar goed down, oli prices are going up.

On the whole, in Euro-country we don't have that much of a problem. Sure, oil is hitting over 100$ a barrel, but the dollar is getting cheaper at almost the same rate. Now 1.54 dollars per 1 euro. That used to be 1 on 1. So the dollar dropped some 40%, gas went up 60%.
Yes, we're paying as well, but not as much as the ones getting screwed by the US Government.

Me? I ride a bike (the kind without a motor), use public transport and hitch hike. I own no powertools. I don't eat out.

I'm allowed to smoke dope, though. And we're seeing an uprise in political refugees from the US. As far as I'm concerned, you're all welcome. Just get used to the 'random insults' from Dutch people. You have the right to offend, and the right to feel offended. I never use my right to feel insulted;)

[MindMatter]

28. That's the point exactly

Oil is sold as a global commodity. And the US Dollar is also a commodity. If the value of dollars goes down compared to the currency of other oil customers, the oil states will either want to get paid in other currencies or else they will want a lot more dollars for the same quantity of oil.

It is such a simple economic principle, it is amazing the US media can't manage to get their minds around it.

But if they did, the next question they would have to ask is what it would take to reverse this trend. That becomes a really ugly picture because Bush and his old man have loaded almost 10 trillion dollars of debt on Americans while simultaneously exporting millions of the best jobs. We have been abandoning industry after industry as if there are no consequences.

There ARE consequences. There always are consequences.

[bluestateguy]

16. Flashback: Bush criticizes Clinton on gas prices

http://www.thedailyshow.com/video/index.jhtml?videoId=163572&title=crude-awakening

I don't know what the Clinton energy policy was, but it was sure easy on the wallet.

[DainBramaged]

17. One less Starbucks each week to make up the difference

:sarcasm:

[Purveyor]

18. I bought eggs 2 weeks ago at our local 'big box' for $1.12 a dozen. Today I paid $1.98.... eom

[nebula]

24. Oil company greed + freefalling dollar = Pain

rising gas prices also makes the price of everything else go up (retail transportation costs).

[sarcasmo]

25. Gas hits five bucks a gallon it will make what we pay now at the Grocery store seem like a good deal

[spinbaby]

29. Except we'll pay more at the grocery store

Because everything has to be transported. I'm putting in a larger than usual garden this year.

[sarcasmo]

32. That's the point.

[mitchleary]

31. Looks

like I will be back on the college ramen train.

[khaos]

33. good..

maybe people will begin to wake up.