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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Gas prices surge 9%: Don't fear $4

    NEW YORK (CNNMoney.com) -- There's plenty of economic pain to go around these days because of the recession. Now there's this: Gas prices have surged nearly 9% over the past two weeks.

    That's a gain of 18 cents during the past 13 days, and the national average hit $2.226 a gallon on Monday, according to a survey by motorist group AAA.

    The good news: analysts say a return to last summer's record highs of $4 a gallon is not on the horizon. Indeed, while prices have been on a tear, they are still some 46% lower from the all-time high of $4.114 a gallon hit last July.

    The recent spate is not the first time this year that gas prices have risen dramatically for a short period. In January, prices jumped more than 10% in less than two weeks.

    And the current runup is not surprising because prices typically increase ahead of the Memorial Day holiday -- the unofficial beginning of the peak summer driving season.

    "A bump-up is to be expected this time of year but we're not on the way to another spike," said AAA spokesman Troy Green. He said would be "surprised" to see prices reach $3.50 a gallon, barring unforeseen supply disruptions such as a hurricane, and he would be "shocked" to see $3.75 a gallon this summer.

    The oil factor. Many analysts expect gas prices to continue climbing over the next few weeks, largely because of rising crude oil prices, the main ingredient in gasoline.

    "Gas prices have trended higher in lockstep with crude prices," said Chris Lafakis, economist at Moody's Economy.com. "Crude is the biggest input in the price of gasoline."

    Oil prices have rallied some 73% over the past three months as signs the economy is headed for a recovery have raised bets that demand for oil and gas will rebound sooner rather than later. Oil prices edged lower Monday after closing at their highest level of the year Friday.

    Despite the recent increase in oil prices, the fundamental backdrop for crude market does not support higher prices, analysts said. And that may help keep gasoline prices in line.

    "There's some irrational optimism about the future," said Tom Kloza, chief oil analyst for the Oil Price Information Service. "People are looking at the bright side and not the actual data points for supply and demand."

    Demand for oil is at its weakest level since 1995 and the nation's supplies of crude are at their highest since 1990, according to the Department of Energy.

    Ebb and flow of driver demand. While there are some indications that demand for gas is firming up and that drivers are gradually increasing the number of miles they drive each month, the lousy economy is expected to keep a lid on gas prices.

    For drivers, income is the number one issue when it comes to how far and how often they drive, Lafakis said. With unemployment at 8.9% and rising, consumers are likely to remain frugal, keeping downward pressure on gas prices.

    "In an environment where income growth is very weak or has declined, you're not going to get the kind of demand that is necessary to push gas prices to $2.50 or $3.00 a gallon," he said. "That won't happen this summer because the macro economic environment is putting a ceiling on gas prices."
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Future's in the past....
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    11.03.17 @ 01:35 PM
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    I knew a new thread or the oil and gas prices thread would be coming up soon. Gas was right at $2 a gallon about 3 weeks ago and is now $2.29 here. Hell, diesel is cheaper than reg unleaded in a lot of places right now! And talk about ass-rape, don't even get me started on the prices along I-95.
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  3. #3
    Atomic Punk edwardv's Avatar
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    12.11.17 @ 04:30 PM
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    Keep using less gas. Thats all you can do.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  4. #4
    Hot For Teacher Kula's Avatar
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    Wish I was at the national avg... Milwaukee area is 2.43 - 2.49 last time I checked. FREAKIN WISCONSIN! Damn that reformulated gas for treehugging...Sure, it's "nature friendly", but you burn even more of it and it takes more energy to make, but who's saying anything about that??! grrrr...

  5. #5
    Atomic Punk
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    07.24.11 @ 04:36 PM
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    I do as little driving as possible and not just because it costs so much but because with the price of groceries being so high, having to pay doctor's bills for my back, the price of cigarettes shooting up, heading into the summer electricity bill ass rapings AND the fact that it's freaking hot as hell and people drive like shit, I'd just as soon stay home.
    Stay out of it, dude.


    I am Van Halen.

  6. #6
    Atomic Punk
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    Quote Originally Posted by edwardv View Post
    Keep using less gas. Thats all you can do.
    Yeah, I'll drive only 3/4 a way to work for the rest of the week... Next week, I'll drive 1/2 way...
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  7. #7
    Sinner's Swing! graeme's Avatar
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    11.19.17 @ 09:41 AM
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    Quote Originally Posted by voivod View Post
    Yeah, I'll drive only 3/4 a way to work for the rest of the week... Next week, I'll drive 1/2 way...
    Voivod, that is a fantastic idea.

    You could pull over, have a picnic and a few beers and by the time home-time comes you'll be safe to drive again.

    Genius.
    A man could lose himself in a country like this.

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  8. #8
    Atomic Punk
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    Quote Originally Posted by graeme View Post
    Voivod, that is a fantastic idea.

    You could pull over, have a picnic and a few beers and by the time home-time comes you'll be safe to drive again.

    Genius.
    DAMN!!
    Never even thought about the financial positives to allow for more BEER!!!
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  9. #9
    Atomic Punk Raldo's Avatar
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    Always seems to be creeping around the time I go on vacations. I'll never understand why oil prices go up and down like a roller coaster.
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  10. #10
    Atomic Punk
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    Quote Originally Posted by Raldo View Post
    Always seems to be creeping around the time I go on vacations. I'll never understand why oil prices go up and down like a roller coaster.
    because they can.
    Stay out of it, dude.


    I am Van Halen.

  11. #11
    Atomic Punk edwardv's Avatar
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    Quote Originally Posted by voivod View Post
    Yeah, I'll drive only 3/4 a way to work for the rest of the week... Next week, I'll drive 1/2 way...
    Id run for office on that platform..lol
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  12. #12
    Sinner's Swing! twonabomber's Avatar
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    Quote Originally Posted by edwardv View Post
    Keep using less gas. Thats all you can do.
    i'm filling up two Jeeps a week...the car i top off when i take it out, don't think i've put more than $15 in at a time.
    "is this a good show tonight, or fuckin' what?" - DLR, Montreal, 11/10/07

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  13. #13
    On Fire DirtyWaterDoggie's Avatar
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    Quote Originally Posted by edwardv View Post
    Keep using less gas. Thats all you can do.
    I heard a news story a few weeks back, that said a run up in price was anticipated because we in the US cut back when it 4 bucks a gallon and kept conserving because of the economy. So big oil was making "less" profit.

    We abuse gas, the price goes. We conserve, the price drops, then goes back up. So we are fucked either way.

 

 

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