FILE - In this March 31, 2011 file photo, gas prices are reflected on an SUV at a gas station in Los Angeles. Consumers kept shopping in March, but much of their spending went to fill up their gas tanks as gasoline prices kept rising.
Posted on 04/19/2011 7:55:05 AM PDT by SmithL
The good news is that rising gasoline prices might be stalled by a cooled-down crude oil market.
The bad news is that the cool-down is being prompted by deep economic concerns at home and abroad.
Last week, the average retail price of gasoline in Sacramento rose another 3.4 cents a gallon to $4.15, according to Monday's weekly report by SactoGasPrices.com, a GasBuddy.com website.
Nationally, the average price increased 3.7 cents per gallon to $3.80.
Prices in Sacramento are $1.11 higher than they were a year ago, and they've climbed 23.7 cents in the past month alone. The national average has increased 27.4 cents per gallon during the past month and is 93.5 cents higher than it was one year ago.
Since late last year, gas prices have been pushed upward by what energy analysts have called an overheated crude oil market. On Monday, that market took a splash of cold water in the face.
Benchmark crude fell $2.54, or 2.3 percent, to settle at $107.12 per barrel on the New York Mercantile Exchange.
Analysts said oil investors were spooked by Standard & Poor's lowering its long-term outlook for U.S. debt and China's announced plans to slow its booming economy.
(Excerpt) Read more at sacbee.com ...
FILE - In this March 31, 2011 file photo, gas prices are reflected on an SUV at a gas station in Los Angeles. Consumers kept shopping in March, but much of their spending went to fill up their gas tanks as gasoline prices kept rising.
Good news because of bad news PING.
So, what will be the price of Diesel be in June when my tactical reserve will be empty?
” Analysts said oil investors were spooked by Standard & Poor’s lowering its long-term outlook for U.S. debt and China’s announced plans to slow its booming economy. “
I’m beginning to wonder if there might be a point where trends such as rising gas and food prices develop a life of their own, and will continue their trajectory independent of the ‘usual’ mitigation of traditional ‘cause and effect’....
Not holding my breath. It’s all speculation. There is NO other reason for the rise.
Beat me to it.
Are you sure?
Worthless dollars wouldn't have any effect?
When you brew beer the yeast in the wort can only get the alcohol up to around 6-7% before the concentration of alcohol kills them off and it can’t get any higher.
Same way rising oil prices eventually kill off economic growth and kill off demand, forcing them back down.
Not holding my breath. It’s all speculation. There is NO other reason for the rise.
I sincerely hope that is not the case. There is a vacancy coming on the Commodity Futures Trading Commission in July. Obama could appoint a big Lib and regulate the heck out of oil trading, puncturing the bubble, sending prices plummeting, and come out looking like a hero in the process.
Also reinforces the basic Democrat line that the free market is “broken” and “nothing but a rigged game”.
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