Gasoline prices continue to rise across the nation, according to the Energy Information Administration’s latest figures.
A gallon of regular unleaded gasoline now costs $3.79 on average, up from $3.68 last week and $3.19 on Feb. 21.
Continue Reading Text Size-+reset Listen
For all grades, a gallon will set you back an average of $3.84, up from $3.73 last week. And premium unleaded has cracked the $4 barrier, at $4.03 per gallon, up from $3.92 last week.
Gas prices in some areas are higher. For instance, the Drudge Report has highlighted a story from the Chicago CBS affiliate speculating about gasoline hitting $5 per gallon before Memorial Day.
A gallon of regular unleaded in the Windy City costs an average of $4.11, compared with $3.71 a month ago, and about $3.10 a gallon at this time a year ago.
Avery Ash, of the American Automobile Association, cited the unrest in the Middle East and the fallout from the earthquake and tsunami in Japan as factors pushing prices up, as well as speculation in the oil markets.
As for speculation on $5 per gallon gas, Tom Kloza, at the Oil Price Information Service, had an interesting take: “The odds of average gasoline prices surpassing $3.75 gal are very favorable. The odds of seeing a $4 gal national average are probably just under 50-50; and the chances of surpassing the all-time peak of $4.11 gal witnessed on July 17, 2008 are probably about 40%.”
The odds of $5 per gallon gasoline are even more unlikely, he said.
(Source: Politico)
Join the official YWN WhatsApp status
4 Responses
cry babies, come to Israel and see how much we pay! we pay twice the price and we are happy to live in a thriving economy. You American cry babies have a dying economy and the government is almost broke, but if they raise gas prices a few pennies you cry like a baby who lost his cookie!
In only 2 years gas prices have more than doubled under the Obama Regime and the media is quiet. When Bush was President, the mainstream liberal biased media were getting ready to hang him but now, hardly a peep is heard.
I was driving down fort hamilton parkway yesterday and saw 3.95 for a gallon of regular!!!!
Big oil controls the price of gas. Last I heard, big oil was no friend of President Obama. Can the same be said for Bush, Cheney and their ilk?