Gas prices hit a historic high: What's driving them up?
A combination of high crude prices, refinery shutdowns, and early speculation has sent gas prices soaring to seasonal highs earlier than usual this year, with no signs of prices at the pump falling until spring, according to recent estimates.
Gas prices have climbed every day for the past 25 days, reaching a national average of $3.59 per gallon Monday, the most expensive national average ever for Feb. 11, according to AAA.
During just the past two weeks, average prices have climbed almost 25 cents, the biggest jump in gas prices in almost a year.
http://www.csmonitor.com/Business/2013/0211/Gas-prices-hit-a-historic-high-What-s-driving-them-up?nav=87-frontpage-entryNineItem
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Conventional crude oil production has been flat since 2005. Shale oil, tar sands, and deepwater are making up some of the shortfall in conventional crude, but those resources are not economically viable with oil below a certain price point ($80-100 a barrel or so). The US still imports about half its oil; therefore US fuel prices are determined largely by the world market price, which is determined by demand (limited supply of oil, increasing demand from China and other developing countries). Total world demand for oil has increased by over 20 million barrels a day in the last 15 years or so; China alone has accounted for nearly a third of that increased demand.
Koch brothers introduced speculation, that is how they are buying the country now....
Another excuse.
BTW do they not ever plan for these shutdowns/maintenence, etc. Must be a great gig to be able to shut down your factories/refineries, raise your prices, and then blame the resulting increases on shutting down.
