American consumers who are already feeling the pinch in their paychecks are finding no relief in sight at the gas pump. In fact, gas prices are soaring again.
Consumers are taking another huge hit in 2013. First, the two percent Social Security tax hike began the year. Now, gas prices are soaring ever closer to $4 a gallon and have jumped 51 cents a gallon since Dec. 20.
According to the Oil Price Information Service, the national average for a gallon of unleaded was $3.21.9 on Dec. 20, 2012. Today, that price is $3.73.0. While there has been a steady increase, prices shot almost 9 cents just over the weekend.
This President’s Day also marked a full month of rising gas prices every single business day, following a very small early year drop. Gas prices began rising Jan. 18, from $3.29.3-a-gallon, and have soared since. If this increase continues, gas prices could threaten or even top the all-time high price of $4.11, set in 2008. (Read More)
Some states have even higher prices. In the area of New York where I live we’re paying about $3.90 per gallon, and some areas of California have topped $5 per gallon. As of last week the average price of a gallon of gas was up 96% since President Obama took office. Just think what it will be after another four years of his leadership.
I drive 30 miles round trip 5 days a week just to work and back. I already don’t shop anywhere not “on the way”—groceries, whatever, have to be on the way or I don’t make that stop. I get moderately good gas mileage and, no, Mr. Obama, I can’t go buy an electric car–if I could buy a car, I could buy the gas. Coupled with the return of the SS tax, this is devastating to an already stripped down, skin-in-the-game budget.
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[...] I guess they prefer that Canada sell its oil to China while gas prices here in the United States soar. [...]
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Bernanke is manipulating the market for speculators, devaluing the dollar for consumers.
How much are hedge fund speculators adding to the price per barrel? Prices are not being determined by supply and demand as in capitalism, but by a manipulated market in addition to what the Heritage article mentions.
2000 Commodity Futures Modernization Act deregulated derivative financial products, no longer regulated as futures or securities.
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109 oil platforms were damaged as a result of Hurricane Katrina and Rita. Many haven’t been repaired or replaced. How long since the U.S. built a new refinery? The oil from the XL pipeline still has to be shipped to the Gulf for refining. We don’t have sufficient refining capacity. Unless we ship the oil to China and buy it from them, nothing will improve if we don’t address the fundamentals.
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[...] It hit $3.89 in NC over the weekend: Gas Prices Continue To Soar [...]
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$4.10/gallon for regular in my crappy part of crappy New York!
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