Retail pump prices hit 26-month high

Retail pump prices hit 26-month high http://finance.yahoo.com/news/Retail-pump-prices-hit-apf-2977939409.html?x=0&.v=2
Americans are getting a sour holiday surprise at the gas pump, where
prices are at the highest they've been in over two years. They may even hit a national average of $3 a gallon by January.
Although supplies remain plentiful and gasoline demand has diminished since September, retail gas prices are rising because oil prices are at the highest levels since October 2008. The two-week advance paused on Monday as benchmark oil for January delivery lost 23 cents at $88.96 a barrel in midday trading on the New York Mercantile Exchange. A stronger dollar kept a lid on prices. Since oil and other commodities are priced in dollars, a stronger dollar makes them more expensive for buyers who use other currencies.
The national average for a gallon of regular gasoline hit $2.951 on Monday, according to AAA, Wright Express and the Oil Price Information Service. That's nearly 10 cents higher than a week ago and 32 cents more than a year ago.
"The U.S. has never spent Christmas with a $3-a-gallon average price for fuel," OPIS said. It's the highest national average since Oct. 19, 2008, according to OPIS. Prices have risen 30 to 40 cents from year-ago levels in nearly half the states, and many motorists already pay $3 a gallon or more.
For example, prices range between $3.055 a gallon to $3.519 a gallon in Washington, California, Delaware and Maine. Drivers in Nevada, Oregon, North Dakota, Illinois and Wisconsin, among others, pay between $2.96 a gallon and $3.027.
Colorado, Wyoming, New Mexico and Texas have some of the cheapest pump prices, from $2.682 a gallon and $2.812 a gallon.
If oil prices linger in the current range near $90 a barrel, the national average could reach $3 before the end of the year, several analysts say.
"We're within spitting distance right now," said Stephen Schork, an energy analyst and publisher of The Schork Report. "Whether we get there by the end of the year or by the end of January, as far as consumer's concerned, we're there already by a psychological standpoint."
For every penny the price at the pump increases, U.S. consumers pay an additional $4 million, according to Cameron Hanover energy analysis agency. On an individual basis, a motorist who bought 10 gallons of gas Monday, on average, paid about $3.20 more than a year ago.
Schork expects energy demand to waver with prices between $2.90 a gallon and $3 a gallon. If oil reaches $100 a barrel, retail gas prices will be around $3.30 a gallon or higher, which would be a "significant obstacle" for motorists, he said.
In other Nymex trading in January contracts, heating oil lost 0.88 cent at $2.4786 a gallon, gasoline fell 1.65 cents to $2.3356 a gallon and natural gas rose 13.1 cents to $4.480 per 1,000 cubic feet.
In London, Brent crude dropped 16 cents to $91.26 a barrel on the ICE futures exchange.
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The price of oil and all products made from it are only going to rise in dollars.
Countries like China and India are only starting using.
The number of people living in China are somewhere between 1.300.000.000 and 1.600.000.000 and if you notice the difference of 300.000.000 it is the number of people living in the USA.
Those numbers are real and they want to live as well as we do and that means that oil will keep on becoming more and more expensive.
We have known this for a long time that this situation would come but it is not until you see the figures on the local pump you realize what is happening.
The government could have helped you realize this sooner by raising taxes but did not.
In Europe they raised the taxes years ago and that has helped people decide on more economical means of transport.
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I guess that is your defintion of "tough love".
We (the government are "reluctlantly" extracting more of your hard earned money but if is for your own good).
"We know what you need better than you do."
Yeah, right.

Sounds a whole helluva lot more like the governments of Europe "fixed" the rules of the game and let the people "decide" after the the direction of the game had been unfairly altered. Kinda like closing all the avenues of a maze to force the people into a pre-determined course.
In this case, the only difference between a 'free" society and a "controlled" one, is that the "free" society is led to believe they have a "choice"
Why not let the US government get out of the way, let REAL off-shore drilling begin in the Gulf, let REAL drilling begin in Alaska, and REAL shale-oil extracting begin in ernest in the US, along with continued reasearch with alternative methods of energy?
Then, let the people decide on more economiacal means of transport, like a captialisitic society should to so, in the first place.

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jr92 wrote:

Think you have a God given right to low gas prices? Think again.
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The price of oil in the long term is not likely to decrease and thus the price of gasoline will increase as well. Some analysts anticipate the price of gasoline to reach $6 to $7 per gallon at the pump
The United States, home to less than five percent of the world's population, currently uses about one quarter of the world’s oil. China and India are catching up in oil usage as the number of automobiles skyrocket in those countries.
Gasoline prices in the United States have climbed steeply over the past few years. Gas was near $1 a gallon a decade ago. It took six years for the price to double to $2 a gallon in 2004. Four years later, in June 2008, gas prices have doubled once again to over $4 a gallon.
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On 09/12/2010 6:34 AM, Bjorn wrote:

It will in time. I can rememebr when it was 49 cents a gallon as a kid.

Yep, it is why I own a lot of oil/NG stock. Sure beats depreciating currency.

Inflation. Have to get DC to stop printing USD like monopoly money.
Like I tell people, if the economy today is worth $10 trillion. And some debt mongering idiot in DC decides to double the money supply then the economy tomorrow is worth $20 trillion. Yet the economy hasn't changed that much in one day.
Now make 1 day 5 years. Inflationary practices of DC will come to haunt people.
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No, and I also dont think the government has a right to impose restrictions that INTENTIONALLY causes high gas prices, either.
Like I said, let us go after the resources we already have, and at the same time develop new methods of energy and let the markets decide prices.
And yeah, the prices probably WOULD be lower.

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On 06/12/2010 12:50 PM, Jim_Higgins wrote:

http://finance.yahoo.com/news/Retail-pump-prices-hit-apf-2977939409.html?x=0&.v=2
Actually, the cost of gas didn't go up, the value of the dollar went down. Ponzi money management and too much fiat currency being issued by DC.
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Compare the price of oil in dollars with the price of gold in dollars and you get the price of oil in gold.
Similar you can change the dollar value compared with CPI.
Here you have oil CPI gold
30 9.8 20.67 22 10 20.67 21 10.1 20.67 20 10.4 20.67 22 11.7 20.67 23 14 20.67 21 16.5 20.67 21 19.3 20.67 21 19 20.67 15 16.9 20.67 16 16.8 20.67 15 17.3 20.67 19 17.3 20.67 19 17.9 20.67 19 17.5 20.67 19 17.3 20.67 20 17.1 20.67 20 17.1 20.67 19 15.9 20.67 19 14.3 20.67 20 12.9 20.67 20 13.2 20.67 22 13.6 35 25 13.8 35 30 14.1 35 30 14.2 35 31 14 35 32 13.9 35 31 14.1 35 31 15.7 35 32 16.9 35 32 17.4 35 32 17.8 35 33 18.2 35 35 21.5 35 35 23.7 35 35 24 35 35 23.5 35 35 25.4 35 36 26.5 35 36 26.6 35 36 26.9 35 36 26.7 35 38 26.8 35 36 27.6 35 36 28.6 35 36 29 35 36 29.3 35 36 29.8 35 36 30 35 36 30.4 35 36 30.9 35 36 31.2 35 37 31.8 35 37 32.9 35 37 34.1 35 37 35.6 41.7 37 37.8 35.15 38 39.8 37.4 38 41.1 43.55 39 42.6 65 39 46.6 111.75 40 52.1 193 75 55.6 140.75 78 58.5 134.63 80 62.5 165.15 52 68.3 226.4 90 77.8 526.5 140 87 589.5 220 94.3 400 320 97.8 448 310 101.9 381.5 305 105.5 308.3 290 109.6 326.8 130 111.2 388.75 155 115.7 484.1 130 121.1 410.25 160 127.4 401 200 134.6 386.2 170 138.1 353.4 165 142.6 332.3 148 146.2 390.5 140 150.3 382.5 149 154.4 387.15 180 159.1 369.25 168 161.6 289.2 110 164.3 287.8 160 168.8 290.25 270 175.1 272.65 230 177.1 276.5 240 181.7 342.75 280 185.2 417.25 370 190.7 422.15 500 198.3 513 600 202.416 635.7 670 211.08 836.5 930 211.143 880.08 700 216.687 1104
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