WASHINGTON – The average price of a gallon of regular gasoline has jumped 45 cents in the past 31 days, according to AAA, the fastest run-up since 2005.
Retail gasoline prices have climbed for 33 days in a row. A month ago, a gallon of regular gasoline cost $3.30; on Tuesday it stood at $3.75 nationwide.
Gasoline prices have risen to within a nickel of $4 a gallon in the District of Columbia as pump prices nationwide have been marching higher – the result of refinery closures and maintenance, lower oil production by Saudi Arabia, market anxiety about tensions in Iran and Iraq, and guarded optimism about the prospects for economic recovery in the United States, Europe and China.
American motorists have seen the national average for a gallon of regular gasoline rise above $3.50 a gallon on just three occasions, but it has never happened this early in the year. Analysts say it’s likely a sign that pain at the pump will rise to some of the highest levels ever seen later this year.
In 2008, average gasoline prices had hit inflation-adjusted records nationally by the summer, but they didn’t climb above $3.50 a gallon across the U.S. that year until April 21, according to the AAA Fuel Gauge Report. It happened again last year, but not until March 6.
But $3.50 a gallon gasoline is already here in 2012, weeks before refineries typically shut down for springtime maintenance, and weeks before the states switch from their less expensive winter blends of gasoline to more complicated and pricier summer blends.
Sunoco, Inc. (NYSE: SUN) announced today that it plans to exit its refining business and has begun a process to sell its refineries located in Philadelphia and Marcus Hook, Penn. Sunoco also announced that it is conducting a comprehensive strategic review of the company to determine the best way to deliver value to shareholders, including how best to utilize the company’s strong cash position and maximize the potential for Sunoco’s logistics and retail businesses. Credit Suisse Securities (USA) LLC has been retained to assist in the review process.
Sunoco will pursue all options to sell its refineries, but if a suitable transaction cannot be implemented, the company intends to idle the main processing units at the facilities in July 2012…
So it would seem because the economy has improved, albeit very little, and we all spent a few extra dollars on Christmas presents – GREEN LIGHT - it’s okay a gouge us at the gas pump. Some mumbling about commodities, the dollar is worthless, gas supplies are good and all that rot. So bend over America!
Gas prices have risen nationally, 16 cents over last month and 46 cents over last year! The price of a gallon of regular unleaded gas is $3.05 (national average).
Many people are only doing absolutely necessary driving, me included! This is highway robbery! Time for another boycott! Seems if we don’t buy anything, the price of gasoline will come back down following this logic!
Some recession-buster news! Gas prices are expected to drop between 10 and 15 cents a gallon after the end of summer holiday. That is, barring any disasters or unforseen circumstances. Oil prices are falling as consumers are staying closer to home this summer and not spending money fearing a relapse in the economy (smart move).