Loading...
You are here:  Home  >  News  >  Current Article

Looking at near $5.00 gasoline by summer

By   /   January 14, 2012  /   1 Comment

    Print       Email

Gas prices are starting the year at the highest point ever because of high oil prices and brisk fuel exports.”

LATimes (01-14-2012) – Get ready to pay $4 a gallon or more for gasoline this spring, with possible records close to $5 over the Memorial Day weekend, analysts said.

“Motorists who drive a SUV may want to consider calling their banking institution and obtain a credit-limit increase so they can afford this summer’s fuel expenses,” quipped Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

Look for a springtime U.S. average of $4.05 for a gallon of self-serve regular gasoline, said Tom Kloza, chief oil analyst for the Oil Price Information Service. The New Jersey company provides daily fuel-price averages for the AAA Fuel Gauge Report using credit card receipts from more than 100,000 retail outlets across the U.S.

That would fall short of the inflation-adjusted record of $4.114 reached in the summer of 2008, according to Energy Department statistics.

California’s average would be higher than the U.S. average, Kloza said, adding that he didn’t expect it to hit the state’s record of $4.588 a gallon.

Gasoline prices are starting the year at the highest point ever because of high oil prices and brisk fuel exports.

In New York futures trading Friday, West Texas Intermediate crude fell 49 cents to $98.61 a barrel. Much of the oil the U.S. imports is based on the price of Brent North Sea crude, which was trading at $110.38 a barrel in London. Other sources of U.S. crude are also more expensive, Kloza said.

“The Alaska North Slope oil you rely on in California has been trading at about $10.40 a barrel more than West Texas. Louisiana crude from the Gulf of Mexico has been trading $11 a barrel higher,” Kloza said.

Several U.S. cities will see record average prices this spring, according to the annual price outlook from GasBuddy.com, where 300,000 to 400,000 member motorists a day post prices to more than 250 websites for towns across the U.S. and Canada.

GasBuddy.com is predicting record spring prices in several cities, including Los Angeles. . .

Full Story LATimes

Likes(0)Dislikes(0)

Incoming search terms:

  • gas price clipart
  • political cartoon gas prices
  • save gasoline cartoon
    Print       Email

About the author

Branson Hunter

Senior Corespondent At Large

"The ends do not justify the means." If you use illegal mean to accomplish a legal and even desirable result, the good result does not make the bad means you used justifiable.

1 Comment

  1. Mark Clemons Mark Clemons says:

    the global energy companies are extracting are wealth at a record pace. They bribe our officials with lucrative post doe positions in return for cheep leases to extract and sell the citizens resources to Asia. Yes this is the american citizens subsidizing not only global oil companies but also countries like china that take our jobs. If our resources were to stay in America the American workers could and would be competitive on the world market.
    http://finance.yahoo.com/blogs/daily-ticker/energy-problem-u-oil-exports-rise-174452881.html

    Likes(0)Dislikes(0)

You might also like...

Firm claims Victorville double booked SCLA hangars

Read More →
Social Media Auto Publish Powered By : XYZScripts.com
UA-9539515-1 e0a5d0bb00574423a5afb96d6b854248