Archive for Wednesday, March 12, 2008

Gas prices rise to national record

March 12, 2008


— The cost of filling up the family car climbed to a record high Tuesday, adding to the challenges consumers already face with falling home values and rising food prices.

Gas prices at the pump rose overnight to a record national average of $3.2272 a gallon, according to AAA and the Oil Price Information Service. That's a tad higher than the previous record of $3.2265, set last May.

Soaring gas prices worsen the financial plight of consumers already suffering through a downturn in the housing market that has sharply reduced home prices in many markets and limited Americans' ability to tap home equity for spending. Food prices are also on the rise, partly due to rising fuel costs.

In Lawrence, the average cost of a gallon of regular unleaded was $3.14 on Tuesday, down 0.7 cent from a day earlier, according to AAA and the Oil Price Information Service.


kansas778 10 years, 2 months ago

logicsound04 (Anonymous) says:

Pre-dubya oil: ~$30/barrel Post-dubya oil: ~$100/barrel

Pre-dubya gas: ~$1.50/gallon Post-dubya gas: ~$4.00/gallon

Meanwhile, the oil companies set new record profits with each passing quarter.

This administration's energy policies are Grrrreat!

Well, since gas prices are entirely within the control of the president, I guess we should congratulate Jimmy Carter, as in his four years prices doubled, while it's taken Bush almost eight years to do the same.

BTW, when Bush tells the oil companies what to charge for gas, does he send them out an e-mail, or is there a forum he posts the current price at?

Richard Heckler 10 years, 2 months ago

So long as americans keep on purchasing like nothing is different the USA oil cartels will continue to take the money.

Demand is not slowing and neither will price increases. At every opportunity park the car and walk,bike or ride the T. With those options there is no need to stop socializing as yet.

kansas778 10 years, 2 months ago

LS04, the President does have some responsibility for the economy, but picking the price of a single commodity and attributing that to the President is absurd. Do you really think that had anyone else been President the same thing wouldn't have happened?

hopper 10 years, 2 months ago

This is crazy nonsense. I may be riding my bicycle by next year.

pisafromthewest 10 years, 2 months ago

Waah waah waah "oil prices are too high" waah waah

Have you seen the price of coffee? And oddly enough it works the same way ... keep paying that much for it and they'll keep selling it to you ... and since it's still selling like crazy at these prices, it's going to go up, not down.

Waah waah waah "oil companies make money" waah waah

So does the company you work for, or they wouldn't be able to pay you. And just maybe their profits are up because they're selling more of the stuff?

Waah waah waah "Bush's fault" waah waah

Right, because oil prices before that were at 1948 levels? And remind me ... what are Hillar-bama gonna' do to bring oil back to it's pre-2001 prices? Oh, that's right, raise taxes, 'cause that makes everything cheaper.

adriennerm 10 years, 2 months ago

"Have you seen the price of coffee"

Have you noticed the price of a carton of eggs?? Everything is going up up up. I have a midsized Saturn. I work in Overland Park. I have to pay for gas to get to work. No bus service, if there was I would use it. In the winter if I fill up Monday morning, I don't have to refuel until Friday afterwork. In the summer, b/c i'm using my A/C, I fill up maybe 3 times between pay periods.

On the weekends, I walk, take the T, or do everything in one more mini trips thru-out the day. There are ways to cut back.

any 10 years, 2 months ago

This is crazy nonsense. I may be riding my bicycle by next year.

And here is the problem. IF prices are really too high then you would be riding your bike now. But obviously they aren't high enough if US demand continues to increase....just high enough to complain and hope everyone else will do something about it. Sounds like a tragedy of the commons to me.

Richard Heckler 10 years, 2 months ago

Face it the BUSHCO occupation of Iraq has proved to be stupid at the very least. The invasion has cut off access to the 3rd largest source of oil in the world. When less becomes available the price increases.

True gas prices are at $8.00 - $11.00 per gallon at the moment when figuring the $3,000,000,000,000 war into the picture,continued operation of 4 large american bases in Iraq and the staffing of the largest american embassy ever located in a battle zone. Does anyone truly believe the mideastern populations will ever allow British and USA oil giants absolute control over their oil?


Confrontation 10 years, 2 months ago

Thanks to the people who drive SUV's in order to pump up their egos.

jonas 10 years, 2 months ago

"posessionannex (Anonymous) says:

Number of new cars per day in one city in one country: 1000.

Beijing China, 2008."

Of course, they Are still way below us in terms of total car possession. Not long ago, there were next to no civilian-owned cars in China at all. Macroeconomics speaks of the catching up effect, where developing countries have huge growth in comparison to the more developed economies. With some hesitation, you could hypothesize that single commodities would be the same.

any 10 years, 2 months ago

Maybe you aren't paying attention, but demand in the U.S. has actually DEcreased. Yet prices hit record levels.

Explain that, all you worshippers of the Great Free Market God.

So you say there has been a small decline yet no source was provided. I'm glad since there is a small decline that the rest of the argument goes to waste. Still sounds like a tragedy of commons to me.

I believe it was about a year ago that analysis said prices would have to get close to $7 per gallon before most Americans would change their habits. I guess if I am a Great Free Market worshipper, I'd say the prices are artificially low and have yet to hit the higher equilibrium. Quite your complaining. It still can get worse and chances are your driving habits wouldn't change.

Lets start bashing the bus system now and how nobody rides it. Heaven forbid we actually use them and burn less fuel. They're already running. Leave your car in the garage. Walk, ride a bicycle, take the bus, carpool. Don't just complain and say how you're going to do that a year from now. Please.

Richard Heckler 10 years, 2 months ago

Iran- Iraq War

France became the major source of Iraq's high-tech weaponry, in no small part to protect its financial stake in that country.<2> The Soviet Union was Iraq's largest weapon's supplier, while jockeying for influence in both capitals. Israel provided arms to Iran, hoping to bleed the combatants by prolonging the war. And at least ten nations sold arms to both of the warring sides.<3> The list of countries engaging in despicable behavior, however, would be incomplete without the United States. The U.S. objective was not profits from the arms trade, but the much more significant aim of controlling to the greatest extent possible the region's oil resources.

Iraq had Mig Jets

Iran had McDonnell F-4 Phantoms

any 10 years, 2 months ago

By looking for alternatives I was able to cut my commute mileage from about 1200 miles per month down to around 290 miles a month. There are ways to cut how much you drive, and thus how much you spend on gas. Look for alternatives. I do lose a little time (20 minutes a day), but I save on gas. And that's worth it to me.

pisafromthewest 10 years, 2 months ago

logicsound04 (Anonymous) says:

"Maybe you aren't paying attention, but demand in the U.S. has actually DEcreased. Yet prices hit record levels."

Wow. A six-week trend totalling 1%. Gee.

Forecasts are that demand in the U.S. alone will continue to rise (and even if it didn't the world demand is going way up), just at a slower rate:

"U.S. consumption of oil and petroleum products is expected to rise this year by only 40,000 barrels a day, a 100,000 barrel-a-day cut from last month's forecast."

"Gasoline consumption, meanwhile, will grow by only 0.3 percent this year, down from last month's estimate of 0.8 percent growth."

Thought that was failry common knowledge.

newsreader 10 years, 2 months ago

Saddly... I must agree with Merrill for once.

The high price is oil is due to profit takers, with the market down people are still looking to make money so they flood the oil futures...

I heard on NPR this is specifically true with CPERS (think thats right) California Public Employees Retirement System, along with several other pension funds.

been_there 10 years, 2 months ago

Here's a thought, when you get gas, make that the only thing you buy there. These stations make a lot of money from the other things, drinks and food, that they sell. Stop buying the extras and you might get their attention. Bring a drink or snack from home and cut into their profits. Maybe it will catch on across the country, wouldn't that be great?

Richard Heckler 10 years, 2 months ago

The graphs provided in the link indicate that during mideast miltary conflicts cost of oil shoots up like a rocket. So the rocket scientists apparently have been missing from the republican controlled administrations. Keep in mind the USA is a substantial supplier of weapons to mideast countries across the board.

It is Reagan/Bush,Reagan/Bush,Bush/Quale,Bush/Cheney Maybe the Bush family is not as smart as they should be.


nverlost 10 years, 2 months ago

Just what color is the sky in world merrill?

On the flip side to all of this I'm happy to see that the high gas prices are getting people away from gas guzzling SUV's and into more sensible means of transportation. This has been a great catalyst. The amount of attention being focuses by car manufacturers on hybrids, pure electric and hydrogen lately is long overdue. The greedy oil company's are going to regret their business practices in 10 years if not sooner. Although by that time China will be in a position to make up where we left off as their economy skyrockets.

kansas778 10 years, 2 months ago

right_thinker (Anonymous) says:

now break it down and simplify it for me, step-by-step, the chronological occurences that are a direct result of Bush being president and that have directly caused this,

Quite simple. Bush failed to tax Big Oil into oblivion, and so they are making off with OUR money!

nverlost 10 years, 2 months ago

Yes, Bush is a monster...yada, yada yada. These high gas prices should do more for the environment, and global warming, in the long term than what Al Gore could have ever have dreamed as being president. They are giving away SUV's in used car lots.

WHY 10 years, 2 months ago

I don't know the why or how, but I do know that $4 beats walking 20 miles (my mpg). You can have your bike but gas is cheap, it is so cheap that all of us will go out and buy some this week.

Jim Phillips 10 years, 2 months ago

How about we shift gears, so to speak, and start demanding the car makers not put anything on US soil that doesn't get at least 75 miles per gallon. Tell me the technology ain't there! If there was truly an energy crisis, we would already have those fuel systems.

Mandie Eutsler 10 years, 2 months ago

when gwb was elected a friend predicted there would be a terrorist attack, a war, high gas prices and a recession. i thought she was a crazy liberal defeatist. turns out she was right. scary.

beatrice 10 years, 2 months ago

Bowhunter: "I'd vote for Obama JUST to see the dissapointment on the liberals' faces when they realize that even though the democrats have control of the Senate, House, and Presidency:. the price of oil will STILL be where it is before a democrat president was elected."

I'll bet it will look a lot like the dissapointment presently found on your face for all the failings of the current administration.

Oh, wait, I forgot, we aren't supposed to blame W. for ANYTHING! The never-ending war in an oil rich nation that makes all oil rich nations nervous has NOTHING to do with the current price of gas. Right.

Keep telling yourself that. Then look in the mirror. That expression of yours is called "disappointment."

beatrice 10 years, 2 months ago

posess, will you please explain to me why George W. isn't responsible for the price of gas, but Obama apparently will be.

camper 10 years, 2 months ago

camper (Anonymous) says:

I heard that the world market price for sugar is low. Dirt cheap compared to corn. So why doesn't the US explore ethanol processed from sugar (cheaper and more efficient than corn). I heard from a reliable source, who deals in purchasing commodities and ingredients, that the US government allows only a certain quota of sugar imports.

As it stands, more farmers will switch from growing wheat to growing corn because of increased demand, thus causing a rise in the price of wheat and therefore higher grocery costs.

If cheaper (possibly cleaner) fuel can be made from sugar, why should the government hold this back? Sure this might not be in the best interests of some, but there are millions of consumers who have an interest in the prices we pay:as well.

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