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.