Gasoline Pump Prices Hit All-Time High

Reuters ^ | 3-23-04

[Oldeconomybuyer]

NEW YORK (Reuters) - U.S. average retail gasoline prices hit an all-time high on Tuesday, according to the American Automobile Association's daily survey.

The average price of a gallon of regular gasoline at the nation's pumps was $1.738, up less than a cent from the previous record hit last September, AAA said.

AAA is the largest motorist and travel group in the United States and commissions a daily survey of more than 60,000 gasoline stations.

[Oldeconomybuyer]

"It's Bush's Fault".

[SpinyNorman]

Phew!! Good thing we went to war for Iraqi oil!! Can we invade Venezeula next?

[mrsmith]

AP beat them them for the first "highest gas prices" headline last week by using Lundberg survey data. I guess Reuters can't afford a subscription LOL!

[OldFriend]

Thirty cents a gallon added to the cost for additives mandated by congress.

Did Kerry vote for those additives, some of which have been blamed for polluting ground water, the air, and causing inefficient gasoline consumption in the automobiles.

[Dane]

The Saudi war on George Bush

[Blood of Tyrants]

In a round about way, it is Bush's fault. OPEC is mainly run by Bush hating Arabs and socialists like Chaves in Venezuela. This is their attempt to run up inflation and slow the economy to harm Bush's chances at re-election. Remember, what is bad for America is good for the DemocRats.

[31R1O]

I wonder if these all time highs are inflation adjusted?

[Oldeconomybuyer]

I'm no expert, but think today's gasoline prices are more related to seasonal reconfigurations of additives at the refinery level than international events or organizations.

They seem to spike every Fall and Spring ...

[familyofman]

We're likely to see even more record high gas prices soon. Seems every time there is trouble in the mid-east prices go up, not to mention the usual spike just before Labor Day.

[Blood of Tyrants]

Prices around here are consistently higher than they were for the past couple of years.

[Protagoras]

Not even close to true. In real, inflation adjusted dollars, it isn't even close.

[Oldeconomybuyer]

They are quite high in my area also.

[Protagoras]

I wonder if these all time highs are inflation adjusted?

No

[kenth]

Yeah, it'd be what, six bucks a gallon or so? So it's still cheap considering that. I don't want to consider it though when I'm paying almost twice as much to get to work.

Oldeconomybuyer: If these were normal seasonal spikes, the prices wouldn't be alarming to most people as we would gradually have gotten used to them. The prices are abnormally high for this time of year.

[SB00]

Time to go up to Alaska and start drilling.

[Protagoras]

Time to go up to Alaska and start drilling.

Although that is a good idea, it won't happen and it's not particularly helpful because the high cost for crude is only a part of the problem.

There hasn't been a new refinery built in this country for 25 years. Government taxes are high. Government mandates for formulations of gasoline to be sold in certain markets also cause a large part of the problem. Distribution for those products is a mess. Many problems, not one simple answer I'm afraid.