How High Will Gas Prices Go: We Can Be Hopeful They May Be SlowingBy Pam Foster on November 3, 2011, 1:01 pm
Gas prices are going up. Few dispute that. The last time there was a similar surge in gas prices was in 2008. From June 2007 to June 2008, the average price of gas rose from $3.05 to $4.06 a gallon, Hicks said. During the same time period, the unemployment rate in Indiana rose from 4.5 percent to 5.6 percent.
Brown has asked President Barack Obama’s administration to enforce new powers granted by a Wall Street reform bill to crack down on speculation driving up oil prices. iPhone 5 4G LTE Last week, he also sent a letter to the Commodity Futures Trading Commission urging it to protect consumers and small businesses from artificially inflated gas prices.
Pump prices have dropped nearly 9 percent since Sep. 1 and topped $3.17 a gallon this week. That’s the lowest level since October 2008. The price may rise or fall a little over the next few months, but analysts expect it to range between $3.20 and $3.75 gallon by March and April ahead of the summer driving season.
Why Are Both Gas And Oil Publicly Traded
Why are both oil and gasoline publicly traded commodities when one is made from the other? iPhone 4S Jailbreak Its bad enough that we have to endure the whims of jerks in NY at the board of trade who not only drive up the price of oil based on shortages that don’t yet exist but then they turn around and use that as justification to drive up the cost of gasoline. Not so well known fact. We have less than half the refining capacity than we had a decade ago. Why? So we would have less supply of course. Iran has all the oil in the world but no refining capacity. The middle easterners would love to pay what we do at the pump. Hows that for ironic?
Rate Of Increase Slowing
“The rate of increase has been slowing dramatically. iDevice News In fact, retail gasoline prices might not increase further,” survey editor Trilby Lundberg Lundberg said. The price of gas rose 9.32 cents during the previous survey and 7.59 cents in the period before that. “There is a glut of gasoline right now. It will all depend on what crude oil prices do next,” Lundberg said. “Crude oil price increases of late reflect both the weakening dollar and some oil demand recovery in various parts of the world — but the winter is the high oil demand season because so much of the world depends on home heating oil.”