Gas prices are on the rise again. I doubt President Obama will spend much time on this subject during his State of the Union speech tonight.
A combination of high crude prices, refinery shutdowns, and early speculation has sent gas prices soaring to seasonal highs earlier than usual this year, with no signs of prices at the pump falling until spring, according to recent estimates.
Gas prices have climbed every day for the past 25 days, reaching a national average of $3.59 per gallon Monday, the most expensive national average ever for Feb. 11, according to AAA.
During just the past two weeks, average prices have climbed almost 25 cents, the biggest jump in gas prices in almost a year. (Read More)
They forgot to mention the destructive policies of the Federal Reserve.
Yes, I also would like to hear him explain at the State of the Utopia address tonight how his facilitation of the Arab Revolution and compliance with OPEC nations is helping middle and lower incomers with energy prices. Revenge and retribution.
Then he can explain how Bernanke flooding the market with continuous quantitative easing stimulus devaluing the dollar and buying power for consumers is essential and what he wishes to accomplish with that practice.
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Another nail in the Middle Class Coffin. Not only could he not care less, it’s helpful in destroying the one class who doesn’t need his sorry ass.
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How could gas prices go down when, outside the Middle East, new drillings are more and more expensive?
Bernstein Research estimated that the marginal cost of supply – the cost of production for the most expensive new fields – rose to $92 a barrel on average in 2011 and are heading towards $100 a barrel.
So, oil prices are set to stay above $100 a barrel for the third consecutive year in 2013, gasoline prices unlikely to fall under $3 and OPEC is likely to earn $1 trillion as in 2011 and 2012.
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