Monday, February 18, 2013

Gas prices up 51 cents in just two months, this Presidents Day marks full month of prices rising every business day

2/18/13, "Gas Prices Soar 51 Cents in Just Two Months," CNS News. Julia Seymour

"Gas prices are soaring ever closer to $4 a gallon and have jumped 51 cents a gallon since Dec. 20. According to the Oil Price Information Service, the national average for a gallon of unleaded was $3.21.9 on Dec. 20, 2012. Today, that price is $3.73.0. While there has been a steady increase, prices shot almost 9 cents just over the weekend.

This President's Day also marked a full month of rising gas prices every single business day, following a very small early year drop. Gas prices began rising Jan. 18, from $3.29.3-a-gallon, and have soared since. If this increase continues, gas prices could threaten or even top the all-time high price of $4.11, set in 2008.

February 2013 saw record high gas prices for the time of year according to news reports. CNBC noted the national average was the highest ever for the time of year on Feb. 1. As of Feb. 11, The Los Angeles Times reported that the national average that day ($3.587) was also a record, "7.8 cents higher than the record for Feb. 11, set last year." Today's price is now 17.6 cents higher than 2012.

It took the media some time to catch on to rising gas prices, as "Good Morning America's" Josh Elliot said two weeks after the climb began that "we have just learned that gas prices have skyrocketed."

Those higher pump prices hurt consumers, who were already paying more for gas than in decades. The Energy Information Administration (EIA) reported recently that the average household spent more on gas last year, as a percentage of income, than it had in 30 years....

The media actually forecast falling prices in 2012, during the heated presidential election. Many of those predictions failed."...via Free Republic


"If you're paying more at the pump, you've got less to spend on shoes, dining out and going to the movies. In many respects, higher oil prices act as a tax on consumers....Each 50 cent increase in the price of gasoline adds almost $60 billion to annual consumer bills....The most immediate response is for consumers to alter their behavior. Households reduce their leisure driving and use more public transportation."...

3/13/12, "The $110 Effect: What Higher Gas Prices Could Really Do to the Economy," The Atlantic, Russ Devol


2/18/13, "Gas prices approaching $4 per gallon, up 60 cents from a month ago," Detroit Free Press, Reindl

"AAA Michigan said the average statewide price of regular, unleaded fuel has risen 16 cents during the past week to $3.91 a gallon. That is 60 cents higher than a month ago and nearly 50 cents more than a year ago, according to the auto club’s Daily Fuel Gauge report."...


10/22/12, "Gas prices could soon drop 50 cents a gallon," USA Today, Gary Strauss

"The drop could provide a boost to consumer spending and influence next month's presidential race, where gas prices have been a hot-button issue for much of the campaign. Several battleground states, including Ohio, Pennsylvania and Wisconsin, are enjoying big price drops.

"Certainly, lower gas prices are helpful in terms of consumer spending by increasing disposable income,'' says Brian Bethune, chief economist at Alpha Economic Foresights."...

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