Gasoline Prices Rise At Fastest Rate In Almost Two Years: AAA

[Purveyor]

Source: MarketWatch

February 4, 2013, 3:30 PM
The average price for a regular gallon has jumped more than 17 cents, or 5.2%, from a week ago – the fastest weekly rate in nearly two years, according to AAA.

Prices stood at $3.52 a gallon Monday, up 17.4 cents from a week ago, according to AAA’s Daily Fuel Gauge Report. A month ago, it stood at $3.299 and a year ago it was at $3.48.

The last time prices increased as quickly in one week was in 2011, when the average price jumped 18.4 cents, or 5.6%, during the week of Feb. 25 through March 4, according to Michael Green, an AAA spokesman.

Prices have now climbed for 18 days in a row, he said, rising in response to climbing crude-oil prices and “as refineries conduct seasonal maintenance and begin the transition to summer blends of gasoline.”

Read more: http://blogs.marketwatch.com/thetell/2013/02/04/gasoline-prices-rise-at-fastest-rate-in-almost-two-years-aaa/

[Newsjock]

1. What can be done about it? What will we do about it?

Crickets. Mission accomplished.

[kestrel91316]

3. I never replaced my car after it was stolen.

I've done MY part.

[SkyDaddy7]

9. Don't worry...

As the economy gets better gas prices will sky rocket & most folks will be forced to leave their car parked.

I have been saying for the past 3-5yrs +$5 a gallon will be here as soon as the economy gets back on its feet...I think it is a good thing.

[Trajan]

20. I believe critical commodities should be subject to price controls ...

The oil industry should NOT have their hands on the trigger of the gun that can shoot down the rest of the economy ....

They have been using the slightest pretexts for jacking up prices beyond what is fair and reasonable ...

They should NOT have that power, and our government has stood by and watched as these greedy bastards sap the incomes of good citizens ....

[BillyJack]

2. Pshaw.....

3.60 - 3.89/gal. in the western burbs of Chicago, IL

Sucks. Really sucks.

I want an alternative to this this REALLY BAD OLD TIME TIE TO FOSSIL FUEL.

I need it. I want it. SURELY there is money to be made, if that is the incentive for someone to actually DO it! (people wanting and needing it).

[SkyDaddy7]

10. The higher gas prices go...

the better chance your wishes & mine come true.

[1983law]

4. Don't drive that much anyway..

Not an issue with me. Besides, I also these things called legs that can transport me the 1/4 mile tops to the grocery, and most everywhere else I need to go.

[chazunit]

5. When pigs need to be fixed

Do you remember big oil's response to Katrina? In the midst of a national emergency, when nearly everyone else was either helping in some way or getting on board to do so, big oil responded by raising their prices. I can only hope that the day is coming soon that these profiteering bastards will see new technologies that render them obsolete.

[Sherman A1]

6. Jumped 20 cents yesterday

it rarely rises on a Monday. I was lucky to get a text from a buddy who saw it going up and had time to fill my tank before it did everywhere.

[CountAllVotes]

7. Up .25 in one day around here

and I'm sure that is just the beginning of more pain at the pump.

I'm personally glad that I do not drive very much anymore! Who can afford that "Sunday drive" etc. any more? Answer: Likely no one except for that same old 1%.

[DallasNE]

8. Locally, Gas Prices Are Up 57 Cents A Gallon

In the last 15 days. Our newspaper tried to claim it was because Canada had increased oil prices. One problem, the oil from Canada go to the refineries near Chicago and serve that market. Our fuel comes up from Oklahoma. This increase if far greater than the increase in oil prices. Time for the CEO's to be brought before Congress and explain their price gouging to the American people.

[Purveyor]

18. That is about what it has gone up around here, mid-michigan. :( eom

[cstanleytech]

19. I wouldnt get my hopes up on congress doing anything as the majority of them have been bought off

as have the majority of those in the senate and on the courts.

[BumRushDaShow]

11. "...transition to summer blends of gasoline.”

It's FEBRUARY.

[LeftofObama]

12. Exactly what I was thinking!

But mark my words when they go up again in March, then April, then May you are going to hear the same thing each time. This excuse is getting old!

[happyslug]

22. It has been a warm winter

Now, as I write it is in the 20s in Johnstown PA, but as you go further south it gets warmer quickly, and that is the problem.

During the Winter, refineries concentrate on Diesel/Kerosene/Home heating oil (All three are about the same, there are technical differences but the big difference is the tax rate, home hearing oil is NOT tax, Diesel is).

Now, a by-product to Diesel/Kerosene/Home heating oil production is Gasoline. Thus Gasoline prices generally drop for while you get gasoline every time you refine oil, you can vary how much by how you distill the oil. In winter the emphasis is on Diesel/Kerosene/Home heating oil, in summer Gasoline.

When it comes to Home Hearing oil, People tend to buy their fuel in the fall, and if it runs low again in the winter. Given the late onset of winter and that January has been one of the warmest January in history (yes I know the Northeast and the Mid West is COLD but that is the exception to the general rule).

http://www.wunderground.com/blog/JeffMasters/comment.html?entrynum=2341

Given the above, I would not be surprised if home heating oil is at an all time high, and thus the decision to convert early to a more gasoline rich mix.

[lunatica]

13. Price fixing so people will allow Fracking

I'll betcha.

[primavera]

28. Good guess

Our local electric rates just went up substantially and, when I called to ask what the story was, the power company explained that the price for gas had gone up, so the price of electricty generated by gas also had to go up. Vis a vis automobiles, I could care less - I drive a Prius and only have to fill up once every couple of months. But by hitting electric prices, too, it will increase the demand for fracking above and beyond just Americans' desire to drive gas guzzlers.

[DreWId]

14. Frack that.

It was $3.09 here a couple weeks ago. It's now over $3.54.


And I thought that there was "too much fracking" going on so they had to cut fracking production. This should show the "stays in America" myth for what it is.

[NickB79]

15. It was $2.89 a month ago. Now it's $3.59

That's in the Twin Cities, MN.

It's just amazing how fast it shot up.

[workinclasszero]

16. Whenever the economy shows any little sign of life for the average american..

The oil companies wrap their filthy greedy hands around it and choke it to death ASAP!

After all, who is going to stop them? They and wall street own our gov and the entire world. They are destroying our planet with the after effects of fossil fuels and no one is going to stop that either.

Its probably much to late already.

It would seem that humanity is to damn greedy and dumb to survive much longer on planet Earth.

[Ikonoklast]

17. And yet we are still allowing oil companies to export refined petroleum products.

Awesome.

It's like having a famine here and allowing the huge agri-businesses to export wheat from our shores.

[Spider Jerusalem]

26. Keyword: refined petroleum products

the underlying price of oil increasing determines the price of that refined product. Oil is at $119 a barrel. (That's North Sea Brent crude, which is the world benchmark.) US demand is at 17 million barrels a day, down from a peak of more than 20 million a day; the US still imports ten million barrels a day, those exports are oil that was imported in the first place and is processed in the US because the US has refinery capacity that, say, Mexico and Canada lack. Not exporting that refined product would probably increase prices because a) the demand isn't there in the US market for what's exported; b) the places it's exported TO would look elsewhere for their oil needs and drive up global market prices.

[NICO9000]

21. Paid $3.91 for 87 yesterday

Thank God I have a Prius! Bought it brand-new at the end of 2003 and just passed 110,000 miles on Saturday. Never had a problem with it and we've saved thousands on gas over the years.

[KamaAina]

23. In winter??

Something's up. (*cough*speculators*cough*)

[u4ic]

24. It jumped 20 cents a litre here in one go to 1.35/L

but now, a couple of days later it's back down to where it started - 1.15/L. ($4.34/gallon)

[ffr]

25. Time to nationalize the oil companies and...

to prefund their pension benefits for 75 years like the USPS.

What's good for the goose is good for the gander, right?

[winstars]

27. $4.25 in SoCal, $3.50 a month ago... nt

[olddad56]

29. the oil companies have to recoup all of the money they donated to the Romney campaign.

[Purveyor]

30. Local Mid-Michigan prices spiked again this morning. Now $3.89unl/reg $4.25 diesel. eom

[AngryAmish]

31. I, for one, blame Bush.