Gas price averages likely to hit $2.15 a gallon

[DevilDog#1]

By James R. Healey, USA TODAY
Gasoline prices will hit a record high this spring, reaching a national monthly average of $2.15 a gallon, the government said Tuesday.

During the busy 2005 driving season, which runs from April through September, gasoline will average $2.10 a gallon, up 20 cents from the same period last year, the Energy Information Administration said in its monthly energy forecast.

In a report Monday, the EIA said the price of gasoline jumped a hefty 7.1 cents a gallon the past week to a nationwide average $1.999 for regular grade, the highest in four months.

That's the biggest one-week leap since a 7.6-cent increase in May during the run-up to a nominal record average $2.064 and was significantly more than the 4-cent rise EIA expected

Adjusted for inflation, gasoline would have to hit $2.973 to set a record.

Last week's increase is the seventh largest since EIA began weekly reports in 1990. The biggest one-week increase in the nationwide average for regular gasoline is 12 cents in late-August 2003.

Respected energy-price watcher Peter Beutel said last week that gas prices would go up 24 cents by midmonth. Tom Kloza, senior analyst at the Oil Price Information Service, predicted as much as a 28-cent increase by late this month.

Despite adequate worldwide supplies, speculators and petroleum traders are bidding up the price of crude oil, from which gas is made, to near-record levels. West Texas intermediate, also known as light, sweet crude, neared $55 a barrel Tuesday, after closing at $53.89 a barrel for April delivery Monday.

The wholesale price of gasoline was close to $1.51 a gallon at the close of trading in New York. EIA says that retail gas prices historically run 60 to 65 cents higher than wholesale prices, suggesting that retail prices will rise at least another 11 to 15 cents a gallon if wholesale prices remain steady.

Monday's EIA report showed averages rising in all regions of the country. The biggest jump was 9.1 cents a gallon in the Midwest, bringing the average there to $2.009. California had the nation's highest average, $2.229, after a 5.3-cent increase last week.

Monday's average is 26.1 cents higher than a year ago.

Contributing: USA TODAY's Kelly Barry, Reuters

[zza1pqx]

The price of 'gas' in the UK at current rate of exchange and based on AA (like the AAA but not American) survey of avergae fuel prices is $6.30.
I don't give a monkeys about your goddamned inflation!

[Steve]

hehe thanks for posting that zz, i really couldn't be bothered trying to work it out

it's even lower now than it was a few months back :/

[zza1pqx]

Cos the Dollars as weak as it has ever been. Thats why crude is going up. At the moment you can buy a helluva lot more Texan crude for a quid than you could two years ago.
It makes, therefore, our own slow rise in fuel even more amusing.

[Scott]

Yeah everyone here is sayin "OMG we can't go on vacation, OMG were going to go broke, OMG DONT DRIVE ALL SUMMER"....



Just goes to show how stingy people here are with there money. It's a few extra bucks a week! Get over it..

[Hellfighter]

i hear on CNN the price is going up by USD-.50¢ per-gallon soon in next 60days they are adding more fed-taxes to it.

not like they going to ripoff the people off anymore clean air act and other thing they can think of to dig-up more money out of the people.

going to be soon USD-2.75¢ per-gallon for the cheapest price.
it has no then to do with price of oil the government is jacking it up higher.

seem the fed's like to grip up more money, this has no then to do with crappy states taxes this fed taxes that will dig into it USD-.50¢ so it like USD-2.15¢ it soon be USD-2.65¢

i personnally think it not good at all. people spending money on air then other things they need. a week my aunt she has to spend 65.00 to drive to work and home, her work place is 75mil away around trip she drives like 120-145mil in a day. avg person may drive 65mils most case. will you do the math 2.15x20gal tank for a week she fill up 20gal x 4weeks 80gal

[DevilDog#1]

It's those oil companies based in Texas making quick bucks that's all. Ever notice how come prices go up on regular weekends and long weekends and go down again during the week.

[Scott]

Because people use more oil on the weekends and they have to buy more oil to meet the demand. So the price goes up .

[DevilDog#1]

Originally posted by Panther
Because people use more oil on the weekends and they have to buy more oil to meet the demand. So the price goes up .

No, becuase people are stupid to buy gas at a higher price on weekends than during weekdays. If people use their little gray cell they can make the companies review their superficial price hike policy.

Oh, and hi P! Long time no talky on MSN, huh?

[BOne]

the cure for all this is to buy a bicycle ...

[Mauser 98K]

i dont worry i get 200+ on 11 gal in my 88 suzuki samurai. i can go 165 miles and just taks 14$ to fill it up using premium.still got to take in account it has been adjusted and just 81ci 4 cylinder

[atholon]

lol you spaminator! You must have a ton of free time on your hands. I could a few of you at my site since I never get posts

[atholon]

I think the people that are morons are these people that complain about how much gas costs but they are driving around a huge Dodge Ram or F250 when they don't even need them.
If you are so freaking concerned then get a hybrid that gets 60mpg.
You can get some pretty nice V4's that go fast too.

[BADDOG]

You know what this means guys, petrol/gas will go up all over and we suckers will have to pay for it !!!!

Regards

[DevilDog#1]

I think I'll buy me a gas station

[atholon]

lol, you still have to pay for the gas!!

We should totally go for the hydrogen approach.

[DevilDog#1]

Originally posted by atholon
lol, you still have to pay for the gas!!

We should totally go for the hydrogen approach.

Hell no I'm not paying if I own the station.

[atholon]

hmm, cars don't run on methane gas.

[DevilDog#1]

Yo buddy! In US Gas = Patrol

[atholon]

Yeah, I kinda got that...considering I am in the US!!!