Gas Price Hikes Have Already Cost Americans $20 Billion This Year (Reuters, via MSNBC)

[marmar]

Gas price hikes’ cost: $146 a car so far this year
GAO tells Congress that the record levels have burned up $20 billion

WASHINGTON - The jump in U.S. gasoline prices this year has so far drained consumers of an extra $20 billion, or about $146 for each passenger car in the country, the Government Accountability Office told Congress on Tuesday.

The national price for regular unleaded gasoline hit a record $3.22 a gallon this week, and is up $1.05 since the beginning of February, according to the Energy Department.

The added expense is taking money away from consumers to spend on other goods and services.

"Spending billions more on gasoline constrains consumers' budgets, leaving less money available for other purchases," GAO's Thomas McCool said in written testimony to a House Oversight and Investigations Subcommittee hearing on the cause of record prices.

Like many other energy experts, McCool said the GAO has found that current high pump costs are the result of a large amount of oil refining capacity being offline, strong gasoline demand and lower fuel inventories.

Many lawmakers blame the lack of competition in the oil industry from mega oil company mergers for the run-up in gasoline prices. ....(more)

The complete piece is at: http://www.msnbc.msn.com/id/18807181/

[Wednesdays]

1. That's just from the increase!

I can't even imagine how much total profit the oil sharks are making these days.

We just bought a bike and my wife is commuting to work with it. This is getting ridiculous.

[Tandalayo_Scheisskopf]

2. Make no mistake:

These problems with refineries and pipeline are nothing but manipulations of supply, easily caused by sub-standard maintenance and convenient scheduling.

It's time to start hitting back at the oil and refining companies.

[woodsprite]

3. I think it would be better worded if it said "Gas increases

this year have already netted Exxon and other over $20 Billion". You look at 20 Billion that way benefitting one/few companies vs. the way they worded it. Twenty billion for all Americans seems to have less impact. Probably just my perception, but I think stressing the companies is a more powerful statement.

[Richard D]

4. Exactly . . .

. . . that was the first thing I noticed about that article.

[nancyr]

5. Oh, but....

I imagine now the oil companies can repair all the faulty refineries? Now that they have a little extra income?