Here’s Why Gas Prices Are Surging

Unrest in Venezuela and Sudan pushed price of a gallon up to $3.41, says survey

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The average cost of gasoline nationwide rose 12 cents to $3.41 during the past two weeks, according to a survey released Sunday.

The increase was partially due to changes in crude oil dude to violence in petroleum-producing nations Venezuela and South Sudan, according to industry analyst Trilby Lundberg, reports the Associated Press. The current price is still 38 cents per gallon lower than last year, but Lundberg said she expects further increases.

The average price for a gallon of premium gas was $3.60, while premium gas was $3.75 and diesel averaged $4.01 per gallon.

[AP]

17 comments
tlewis186
tlewis186

Gas is going up because Exxxxxon and the rest feel like it!

MikeAlan
MikeAlan

Anyone see the liberal NY Times blaming the president or even discussing the rising fuel prices?  Where is Pelosi blaming Bush and his oil buddies or Haliburton?

MikeAlan
MikeAlan

When Bush was president a rise in prices was always due to bad republican policy. Now there are a 10000 reasons except its Obama's fault.

EricCO
EricCO

Price of gas this year = price last year.

Last year's quote The dramatic increase has resulted in the highest average prices ever for this time of year. The average price of gas in February was $3.65 per gallon, which was ten cents higher than the previous record for the month set in 2012. Today’s national average of $3.782 per gallon is five cents higher than the average a year ago.

RodneyFrese
RodneyFrese

Any kind of negative world news and/ or bad weather always seems to create higher gas prices...

Greed greed and more greed!

Oh yeah, don't forget RECORD PROFITS for big oil company's every time

RicardoRivera
RicardoRivera

Again with the lame excuses as to why gas prices are rising. This nonsense happens 3 or 4 times a year and they always use same worldly excuse. The fact is it's all about the manipulation of the oil market.

famulla555555
famulla555555

Cameron, who is due on Monday to hold his first full cabinet meeting in Scotland in Aberdeen, the heart of the UK oil industry, said Britain's unity enabled it to maximise the benefits of Scotland's North Sea oil and gas.


"I promise we will continue to use the UK's broad shoulders to invest in this vital industry so we can attract businesses, create jobs, develop new skills in our young people and ensure we can compete in the global race," he said in a statement. 

Ed Davey, the energy minister, said the measures were designed to address what he called "unprecedented challenges", noting that tax revenues for 2012/13 were over 40% lower than the year before. 

But he said Scotland, as part of the UK, was protected from such revenue falls and shielded from oil price volatility that he said could dramatically affect a small country's budget. 

Despite the official government forecaster predicting lower revenues in the next three years, he said: 

"Instead of needing to cut spending the Scottish Government will see its budget rise by more than 300 million pounds. Scotland benefits as part of the UK from being able to pool resources." 

AlexKiefer
AlexKiefer

@MikeAlan you're right, it is Obama's fault. Because the US president is also the head of OPEC.

MikeAlan
MikeAlan

@RodneyFrese    BIG OIL makes about 6% on the drilling side. If prices go up, so does their profit in absolute dollars but not in percentage.  What needs to be done is flood the market and drive down prices.  Why does this work? As more supply come on the market, OPEC panics because they dont want to lose market share. What they do is then cheat on their quota and flood the market, which drives down the price.  A negative feedback loop happens and the prices drop rapidly. Unfortunately in todays market, china is gobbling up all the excess production so prices arent dropping anymore.  WE THE PEOPLE need to flood our markets and keep profits at home.  We produce another 4M bbls a day, and watch the world market come crashing down.  BLAME OBAMA for this not happening. We need to drill WHERE EVER there is oil. DRILL DRILL DRILL< create jobs, tax revenue etc etc. SCREW OPEC

MikeAlan
MikeAlan

@RicardoRivera    Let me tell you why prices rise 4 times a year. When refineries switch for gas to heating oil, there is some downtime and a shortage results. It happens every single year. In addition, because of so many EPA regulations, all oil is not refined the same. Some have to have low sulfur levels, some has to have additives etc etc.  Sometimes there will be a glut of oil in one part of the country but it cannot be transported OR used in another part because the oil isnt the right type, ie it has too many different components to it or has too much dirt ie sulfur or other contaminents. 

MikeAlan
MikeAlan

@AlexKiefer @MikeAlan   This is why you are a liberal and an idiot. Ready? OPEC does not directly determine the price of oil. THAT is right. Oil is a commodity and as such is subject to free market forces. In other words, supply and demand, and emotion are he driving forces for prices.


Now, apparently you were just hatched and do not remember when Bush was president. When the price of gas was up a dime, we heard time and time again how this was due to failed Bush policies. So, the libs blamed the president and therefore, the president now deserves credit of blame. THE BUCH stops at the president desk or it use to before Obama was president. Now go suck a cokkkk and leave politics to hose who have intelligence. 

tlewis186
tlewis186

@MikeAlan @AlexKiefer  So OPEC does not directly determine the price of oil but President Obama, who you think runs the commodity market, raises prices because he's emotional?


Makes perfect sense if you are insane and a Koch sucker.