NEW YORK " The average price of regular gas crept up to $4 a gallon for the first time over the weekend, passing the once-unthinkable milestone just in time for the peak summer travel season.
Prices at the pump are expected to keep climbing, especially after last week's furious surge in oil prices, which neared $140 a barrel in a record-shattering rally Friday.
While Americans who have to drive will feel the biggest squeeze, the increased prices also translate into higher costs for consumers and businesses, who will be forced to shoulder increased transportation costs of food and anything else that needs to be transported.
Gas prices rolled past their latest threshold Sunday, increasing to $4.005 overnight from $3.988 a gallon the day before, according to AAA and the Oil Price Information Service.
Of course, drivers in many parts of the country have already been paying well above that price for some time.
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Unfortunately, I believe they reacted the the Senate's desire to raise prices on individuals since we don't already pay enough for energy. I think they will fall back down tomorrow now the Cap and Spend bill went down in flames. I'm hoping they stay up long enough to knock enough sense in congress to open up drilling here at home.
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John Adams The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
The average price may have hit a record, but demand is actually down slightly for the same reason. I've actually begun seeing more people driving the speed limit lately, traffic on Memorial Day was the lowest I've seen it here for quite awhile.
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Kevin Haendiges
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Location: On an Island in the west coast of New England
Posts: 13,133
RE: Prices at the pump expected to keep rising
Supply and demand will fall more in line and drive prices down but not until the peak travel season is over. Devalued US dollar is helping to spiral it up. Unfortunately the economy and dollar are linked so a recession or worse is inevitable. Economic stimulus payments won't scratch the surface of the problem and what will improve it will be a new administration. Both sides will be touting economic recovery as the main platform so things should improve. The lame duck won't change anything because he is running out of time and for election reasons won't get bipartisan co-operation to make change.
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Too busy with fishing to spend much time here.
Gas here jumped form $3.85 to $3.99 a gallon in just a few hours today. I have heard that a gallon of gas will be at least $5.00 by the time 4th of July rolls around. We are headed to another depression, if this is allowed to be kept up.
Everyones saying if we drilled in ANWAR today, that oil wouldn't hit the market for 10years....? ie doing us no good now, and consumption is rising daily....
McCain wants to suspend the federal gas tax, which I think is about $0.14 per gallon, so with 20gal fill ups, that saves you about $2.80 per fill up, and just for the summer months, so per person that amounts to next to no savings, yet to the federal gov't that will only creat less money coming in....how would this idea help anything?
I think we need everything, more oil produced, more refined, good alternative fuel choices, nuclear energy, cleaner coal, light rail.
Location: On an Island in the west coast of New England
Posts: 13,133
RE: Prices at the pump expected to keep rising
5 bucks a gal will be on us much sooner than it took to go from 3.50 to 4. Better get ready for it because supply and demand isn't driving it this time. It is all in the hands of futures traders and the devalued US dollar. I am afraid without some government intervention it will continue to rise. It isn't like people have an option to stop using it. Conservation can be used to ease the pain but the reality of life as we know it ismost peopleneed petroleum products to provide power, transportation and to heat our homes. This issue is far more serious than what it costs to fill up our trucks and cars. All food and commodities we purchaseare transportedto market by petro fueled vehicles, planes, trains or ships.
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Too busy with fishing to spend much time here.
Prices at the pump expected to keep rising
