Gas prices hit all-time record high for early February

[Vette_Newb]

Consumers have been spending more on gasoline than they have in nearly three decades.

With pump prices at their highest level on record for this time of year, the stage is set for an even greater climb in gasoline prices and expenditures than in 2012. Retail gasoline prices have surged 17 cents in a week to top $3.50 a gallon on average, posting the highest prices on record for the beginning of February.

According to AAA, the national average price of regular gasoline is $3.52 a gallon, 4 cents higher than the average price a year ago. The average price was $3.35 a gallon a week ago and $3.30 a gallon a month ago. 　

Meanwhile, the U.S. Energy Information Administration reported Monday that gasoline expenditures in 2012 for the average U.S. household reached $2,912, or just under 4 percent of income before taxes. This was the highest estimated percentage of household income spent on gasoline in nearly three decades, with the exception of 2008, when the average household spent a similar amount. Gasoline prices averaged $3.63 a gallon in 2012, according to EIA.

Although overall gasoline consumption has decreased in recent years, a rise in average gasoline prices has led to higher overall household gasoline expenditures, according to the EIA.

The spring rally in gasoline prices typically starts in late February or early March, so this year's gains have come earlier than is usually the norm.

Analysts said the uncharacteristically early price rise is due to several factors: some refineries closing permanently or shutting down for maintenance, climbing crude oil prices, and a shortage of supply in California, requiring fuel to be diverted from other areas of the country to make up for reduced inventories.

In California, which often has the highest-priced gasoline in the continental U.S., mid and premium priced grades are already over $4 a gallon. Meanwhile, the state-wide average price of regular gasoline has jumped over 30 cents, or 10 percent, from a month ago to $3.91 a gallon on Monday, according to AAA. California gas prices are up 24 cents — or 6 percent higher — than they were a year ago.

Diesel fuel is also near the $4 a gallon mark, with the national average price of diesel at $3.98 a gallon on Monday, according to AAA. Diesel prices are about 10 cents higher than a year ago. (Read More: Will We See Record Gasoline Prices This Year?)

Meanwhile, consumers who use heating oil in their homes have seen sharp increases in those fuel prices and are also paying more than they did a year ago. According to the New York State Energy Research & Development Authority, the statewide average price of residential heating oil was $4.14 a gallon for the week ending January 28, up about 3 percent from a year ago.

http://www.cnbc.com/id/100431822

[Texdentist]

Energy is expensive. Now THERE's a headline.

[walleyfisher]

Originally Posted by Texdentist

Energy is expensive. Now THERE's a headline.

Wrong Headlne Obey1

Dollar value drops due to Bernakee Printing Company......INflation has began... Oils surges in value while dollar drops................More to come

[Texdentist]

Originally Posted by walleyfisher

Wrong Headlne Obey1

Dollar value drops due to Bernakee Printing Company......INflation has began... Oils surges in value while dollar drops................More to come

I understand. I could just smell an anti-Exxon rant coming. I was just stirring up the antbed.

[92Roadster]

Originally Posted by Texdentist

Energy is expensive. Now THERE's a headline.

.........

Originally Posted by Vette_Newb

Consumers have been spending more on gasoline than they have in nearly three decades.

...let me see if I've got this straight, "when the price of crude
goes up...I have to pay more for gas"......

[walleyfisher]

It soon will be time for all of us to negotiate our paychecks from dollars to gallons

[Vette_Newb]

Originally Posted by walleyfisher

Wrong Headlne Obey1

Dollar value drops due to Bernakee Printing Company......INflation has began... Oils surges in value while dollar drops................More to come

When oil supply is as high as it is, and we have begun exporting more gasoline than importing, and demand is way down, this is about all it can be.

[Texdentist]

Originally Posted by Vette_Newb

When oil supply is as high as it is, and we have begun exporting more gasoline than importing, and demand is way down, this is about all it can be.

" Analysts said the uncharacteristically early price rise is due to several factors: some refineries closing permanently or shutting down for maintenance, climbing crude oil prices, and a shortage of supply in California, requiring fuel to be diverted from other areas of the country to make up for reduced inventories."

In other words -- the usual ups and downs of the energy business. This is not news, and it's not a conspiracy.

[Vette_Newb]

Originally Posted by Texdentist

" Analysts said the uncharacteristically early price rise is due to several factors: some refineries closing permanently or shutting down for maintenance, climbing crude oil prices, and a shortage of supply in California, requiring fuel to be diverted from other areas of the country to make up for reduced inventories."

In other words -- the usual ups and downs of the energy business. This is not news, and it's not a conspiracy.

I think it's news when your "usual ups and downs" result in 30 year high prices to consumers.

Gasoline supplies are high
Crude oil supplies are high
Demand is low

Yeah, normal stuff.. in the new economy only.

[92Roadster]

Originally Posted by Texdentist

This is not news, and it's not a conspiracy.

...it's a conspiracy, we get blamed for everything....

[Texdentist]

Originally Posted by Vette_Newb

I think it's news when your "usual ups and downs" result in 30 year high prices to consumers.

Gasoline supplies are high
Crude oil supplies are high
Demand is low

Yeah, normal stuff.. in the new economy only.

"and a shortage of supply in California, requiring fuel to be diverted from other areas of the country to make up for reduced inventories"

Apparently supplies are not high everywhere.

[Poncherello]

I am of the belief that George Bush, Dick Cheney, and Karl Rove are to blame for these fuel prices and no liberal can convince me otherwise.

[XQIZT]

Originally Posted by Poncherello

I am of the belief that George Bush, Dick Cheney, and Karl Rove are to blame for these fuel prices and no liberal can convince me otherwise.

With all the monkey wrenches you toss into threads, you must get them at discount prices.

[Poncherello]

Originally Posted by XQIZT

With all the monkey wrenches you toss into threads, you must get them at discount prices.

Those guys were blamed when gasoline was hovering around $2 gallon so certainly nothing has changed just because it's approaching $4 gallon again.