Broken Record – Another Gas Price Record

I know, a broken record post – gas prices jumped around 20 cents today to $4.19 at most locations.

The above two maps are from


From the June 12, 2008 Chicago Tribune:

Gas prices forecast to peak at $4.15

WASHINGTON (AP) — Gasoline prices should peak at $4.15 a gallon this summer, the government says, finally an encouraging word for motorists who might be thinking the cost of a fill-up will just keep climbing.

But the predicted relief is pretty modest. Prices at the pump are likely to stay above $4 a gallon most of next year, according to Wednesday’s projections by the Energy Department’s statistical agency.

Guy Caruso, head of the federal Energy Information Administration, delivered the sober news at a congressional hearing on energy prices and the future of oil.

Even as he spoke, oil prices jumped again, edging for a time above $138 a barrel and putting yet more upward pressure on gasoline prices.

A drop in gasoline inventories, concerns about hurricanes that could disrupt Gulf of Mexico supplies and, most important, the high oil prices all have contributed to a belief that the upward spiral of gasoline costs will continue at least for a few months, according to Caruso as well as private energy experts.

Motorists are paying $4.05 a gallon on average nationwide, and considerably more in some parts of the country, according to a survey of gas stations by AAA and the Oil Price Information Service. That’s an increase of nearly $1 a gallon since January.

Crude oil prices are expected to average $126 a barrel in 2009, or $4 a barrel higher than this year, as oil supplies and demand will remain tight, Caruso said.



Please enter your comment!
Please enter your name here