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Title: Gas price spike longest on record
Source:
CNN/Money
URL Source: http://money.cnn.com/2007/05/23/new ... onomy/record_gas_wed/index.htm
Published: May 24, 2007
Author: Chris Isidore
Post Date: 2007-05-24 10:32:52 by Esso
Keywords: None
Views: 191
Comments: 18
Gallon of gas tops $3.22 for 11th straight record high day; 20th day above $3. By Chris Isidore, http://CNNMoney.com senior writer May 23 2007: 8:10 AM EDT NEW YORK http://(CNNMoney.com) -- The 11th straight day of record high gas prices Wednesday resulted in a new measure of pain for the nation's drivers -- the longest stretch of time with gas above $3 a gallon, according a closely-watched daily survey. And relief is no where in sight heading into the Memorial Day holiday that marks the start of the summer driving season. Prices continue to rise in most of the country, as the Midwest saw prices soar a nickel or more a gallon in one day in several states. The latest reading from AAA Wednesday showed the nationwide average for a gallon of regular unleaded hit $3.221 a gallon, up from $3.209 on Tuesday. The motorist group's survey of 85,000 gas stations, by far the broadest sampling of gas prices, has been showing a series of record high prices starting May 13. The national average has now been above $3 a gallon since May 4, a string of 20 straight days. That passed the 19-day stretch prices stayed above $3 last August, following Israel's invasion of Lebanon that took oil futures higher. The AAA national average now shows prices up 3.8 percent over the course of the last week, along with an increase of 12.9 percent over the last month. And higher prices could be on the way during the crucial summer driving season. AAA warned in congressional testimony last week it believes prices will approach $3.25 a gallon over the next 60 days. Even with the record gas prices, AAA is predicting a record number of Americans will be hitting the road during the holiday weekend, with 38.3 million expected to be traveling 100 miles or more, up 1.7 percent from a year ago. And most of those - 32.1 million - will be driving, according to the motorist group. Midwest sees prices soar For the second day in a row, New Jersey was the only state with an average price below the $3 threshold, but it is edging toward that benchmark, the price there rose to $2.95 from $2.947 on Tuesday. New Jersey, which has a state gas tax of 14 cents, or about 7 cents less than the national average, got the distinction as the last state with gas below $3 on Tuesday when the average price in New Hampshire and South Carolina crossed the $3 mark for the first time. Ironically, New Jersey is one of only two states - along with Oregon - where the law mandates full service at every pump. The fastest rising gas prices are now in the Midwest, where Illinois retained the dubious distinction of the state with the most expensive average price, as the price reading there rose to $3.498 from $3.481 Tuesday. Michigan saw a nearly 5-cent jump in prices move it into second place at $3.474 from $3.428 on Tuesday. Ohio saw the biggest one-day jump in price in the latest reading, as the average price there rose 6.9 cents, or 2.1 percent to $3.298 from $3.229 on Tuesday. Indiana had the second biggest jump as prices rose 6 cents to $3.409. California, which had had the highest price through last weekend, saw prices there ease 0.7 cents to $3.442, putting it No. 3 in prices. Prices declined in much of the West, as the states of Nevada, Oregon and Washington also saw modest retreats in prices. There were a total of nine states where prices declined in the latest reading, with the biggest drop being in Minnesota, where the average fell by 1.3 cents to $3.301. But motorists there will probably be hard-pressed to notice any relief as the average price fell by less than a penny in the other eight states where there was a retreat. Different regions of the country have to comply with different formulations of gasoline during the summer months in an effort to control smog. That can cause regional spikes as the refineries cut back production of a certain blend due to change over to make the summer formulation, or due to unplanned shutdowns. Recent problems at refineries helping to lift gas prices to record levels have included fires, power outages, and longer-than-usual maintenance periods. But there is typically a regional retreat in prices once production of the new blend picks up again. Topping post-Katrina records Before this recent run of record-high gas prices, the highest price ever recorded in current dollars was $3.057 in the AAA survey, which was set Sept. 4 and Sept. 5, 2005, in the wake of Hurricane Katrina. That storm disrupted refinery operations and pipelines and caused a temporary spike, sending prices above the $3 mark for eight days. The current price increases are due to problems in gasoline supplies and refinery output. The average gas price went above $3 a gallon on May 4 and has been climbing since. While crude oil prices have fallen over the last few weeks and oil supplies are high in the United States, problems at several refineries have crimped gasoline output ahead of the summer driving season. The refinery problems include fires, power outages, and longer-than-usual maintenance periods.
Poster Comment: Thank Jeebus that we don't have any inflation!
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#1. To: Esso, CHRISTINE, ZIPPORAH, RANDGE, INNIEWAY, JETHRO TULL, LODWICK, ROBIN, MINERVA, NOONE222, VAST RIGHT WING CONSPIRATOR (#0)
(Edited)
Surely you omitted the sarcasm tag! LOL! Everytime I go into the grocery store, I wonder how people worse off than me can afford to eat. I used to cook fancy gourmet stuff, TBones on the grill, grilled fish, etc but the prices for all of the healthy foods including produce have been through the roof for a couple years or more. Now it's macaroni casseroles with hamburger, spaghetti, sandwiches, rice ...I honestly do not remember the last time I cooked a steak on the grill for us. Hopefully with my new living arrangements, me and the boys can afford to live now and actually start saving a little money. I'll be sharing a HOUSE with a flight attendant and she's not there much [3000 SF!!] for only $500 http://month...compare that to this 2 br apartment I've been renting for over $900 freeking dollars a month! Any less and you get the roach motel. Even a 1 br in a decent complex is in the high six hundreds and it is tiny. I am so exited about this. I've toldboth my boys when they get older they are more than welcome to PROTEST this NWO caused economic destruction and OPT-OUT of the rat -race by living with me if they want. Just like the man and his two sons do on "NUMBERS" [CBS] which is a very socially progressive show in many ways. I really enjoy it. Moving in this weekend so wish me luck and no hernias from lifting...LOL! ;) I'm even getting my Yamaha 650 V-Star repaired which gets 50MPG. I think I have a good strategy that will take us inot the future with more security. Pray for us.
Law Enforcement Against Prohibition hehehe..ignore my pm inquiry. you answered my question. ;)
Good luck, Indie. I bet your boys are great. ;0)
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
The index is rigged so that gas prices don't affect the inflation figure. Basically what happens is that if the price doubles, the calculation assumes people will buy half as much - so the cost of living remains the same. When this is factored in with the dropping prices for iPods you get really good looking numbers.
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nice move! good luck!
"Guard against the impostures of pretended patriotism." ~George Washington
Well, the congressional hearings will begin any day now and they'll certainly get to the bottom of this gouging nonsense. *and puppy, if you click your heels together three times and say.....*
$2.93 in NJ (Go figure) I'd love to see a nationwide work stoppage, but Santa Clause will squeeze down my chimney before the masses unify. That said, I hope the greedy mother effers raise prices so bloody high even the most dense sheeple will feel the pinch.
On the news at lunchtime they were talking about a bill in the House to limit "excessive" pricing. Who's going to determine that? And what about other retail activities? At different places I've worked we priced things well above 300% of wholesale. Would that now be forbidden? The gov't causes the problem in the first place and then more intervention is cited as the solution. Wonderful.
Rivers of blood were spilled out over land that, in normal times, not even the poorest Arab would have worried his head over." Field Marshal Erwin Rommel
What is even more amazing is they pay somebody to pump it for you in NJ...'go figure', indeed! Mid-MI prices dropped a dime to $3.55 this morning.
Never swear "allegiance" to anything other than the 'right to change your mind'!
Giggity!
The "Department of Defense" has never won a war. The "War Department" was undefeated.
You must be a young whippersnapper and don't remember Nixon's wage and price controls, huh? "Who's going to determine that?" you ask? Why, the socialist Republicans, of course! ;)
That began a year before I was born. What I find most interesting is that it was believed at the time that price controls were vitally necessary because inflation was roaring at 4%, when we accept gov't stated 3% without even batting an eye. I'm still working through the three or four dozen Austrian economics related books I want to read (reading Rothbard's "Man, Economy and the State" right now), but it's amazing to me that people actually believe that setting a price ceiling is a good thing, and will help (though there was that article that said that adding more taxes into the gasoline price would force the price down and help the consumer, so maybe people really are that stupid). Most of the anger seems to be directed at the gas station owners who are victims of the process and have little control themselves, but also as has been noted, there were quite a few lean years a couple of decades ago, so it kind of averages out. I think that it must be wonderful to have a commodity that becomes much more valuable without having to do anything (except maybe incite a war or two). Without much effort on their part the oil companies have become very profitable.
Rivers of blood were spilled out over land that, in normal times, not even the poorest Arab would have worried his head over." Field Marshal Erwin Rommel
I'm still working through the three or four dozen Austrian economics related books I want to read (reading Rothbard's "Man, Economy and the State" right now), but it's amazing to me that people actually believe that setting a price ceiling is a good thing, and will help (though there was that article that said that adding more taxes into the gasoline price would force the price down and help the consumer, so maybe people really are that stupid). Most of the anger seems to be directed at the gas station owners who are victims of the process and have little control themselves, but also as has been noted, there were quite a few lean years a couple of decades ago, so it kind of averages out. I think that it must be wonderful to have a commodity that becomes much more valuable without having to do anything (except maybe incite a war or two). Without much effort on their part the oil companies have become very profitable. Nixon was paranoid and he took the extra inflation point personally, and he apparently believed that he could flank his enemies (you know, non Christians in New York City ;) ) before the '72 election with this wrong headed move. The economy was the most sluggish I'd ever seen it then, and that was in the world's largest military town, Norfolk! It was like a mini depression, or so it seemed to me at the time. I remember the gray cloud over my head for months quite well. It was just alot harder to hustle a buck because peeps were strangling discretionary funds and investment capital. Many refused to borrow to cost if Commissar Nixon was going to theoretically limit their potential returns. Even areas that were virtually untouched by the controls were constipated by this stunt as people sympathetically responded in ways to make the effort fail. You're studying the right stuff, by the way. (Rothbard's "Man, Economy and the State")
Gasoline prices have probably peaked. The oil companies got their money early this year. Now, they can let the price fall to make it appear that inflation is "contained" and giving the FED an open door to lower interest rates in Aug. A lot of people saw it coming so someone must have been leaking the plan. Richard W.
We will see $4.00 nationally before the hurricane season is over, imo.
Never swear "allegiance" to anything other than the 'right to change your mind'!
Could be. The media certainly has everyone conditioned for it, but I think that the FED and the government are playing a much bigger game with us. They want to goose the markets for next year's election and that means lower interest rates and even more easy money. They can't cut interest rates with gasoline prices at record highs. Spare me the free market stuff. We haven't had markets free of government intervention in decades. Richard W.
$3.60-$3.70 NE Illinois/NW Indiana.
Mark "I was real close to Building 7 when it fell down... That didn't sound like just a building falling down to me while I was running away from it. There's a lot of eyewitness testimony down there of hearing explosions. [..] and the whole time you're hearing "boom, boom, boom, boom, boom." I think I know an explosion when I hear it... — Former NYC Police Officer and 9/11 Rescue Worker Craig Bartmer
Thanks!!! :)
Law Enforcement Against ProhibitionThank Jeebus that we don't have any inflation!
#2. To: IndieTX (#1)
#3. To: IndieTX (#1)
#4. To: Esso (#0)
#5. To: IndieTX (#1)
#6. To: Esso (#0)
#7. To: Esso, all (#0)
#8. To: HOUNDDAWG (#6)
#9. To: Jethro Tull (#7)
$2.93 in NJ (Go figure)
#10. To: IndieTX (#1)
I'll be sharing a HOUSE with a flight attendant
#11. To: historian1944 (#8)
On the news at lunchtime they were talking about a bill in the House to limit "excessive" pricing. Who's going to determine that? And what about other retail activities? At different places I've worked we priced things well above 300% of wholesale. Would that now be forbidden? The gov't causes the problem in the first place and then more intervention is cited as the solution. Wonderful.
#12. To: HOUNDDAWG (#11)
#13. To: historian1944 (#12)
What I find most interesting is that it was believed at the time that price controls were vitally necessary because inflation was roaring at 4%, when we accept gov't stated 3% without even batting an eye.
#14. To: Brian S (#9)
Mid-MI prices dropped a dime to $3.55 this morning.
#15. To: Arete (#14)
#16. To: Brian S (#15)
We will see $4.00 nationally
#17. To: Brian S (#15)
#18. To: BTP Holdings, Indrid Cold, robin (#3)
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