Gasoline prices zip toward $3 mark

[Synicus Maximus]

Source: myway

Gasoline prices on Monday continued their push toward $3 per gallon. The only question now is when?

Prices have been jumping on the back of a strong oil market where the cost for a barrel has spiked 20 percent in the past month on the New York Mercantile Exchange.

Skyrocketing gasoline prices couldn't come at a worse time for motorists, who will see heating bills jump after the worst cold spell in years.

Oil prices are now about three times what they were a year ago.

Read more: http://apnews.myway.com/article/20100111/D9D5OGB01.html

[endless october]

1. the fundamentals aren't there for that price.

speculative manipulation by bailed out financial firms is the more likely culprit.

high energy prices are a drag on the economy, so it's bad news either way..

[PSPS]

10. Yes, it is all speculation

These commodity traders all work for bailout firms and can pump and dump the futures without worry since Timmy has given them their $14 trillion taxpayer backstop.

[FarCenter]

16. Production is roughly constant; developing country demand is rising

Demand in the US isn't going up, but it is going up elsewhere in the world where economies are growing.

[LibDemAlways]

2. They've been over $3.00 in Southern Calif. for many months. I

paid $3.31 yesterday.

[onehandle]

5. They're talking about the national average. It's been $2.59ish in Georgia for a while. nt

I would expect to be paying nearly $4.00 a gallon in California pretty soon.

[Fearless]

6. $2.65 in MA last I checked.

[Alcibiades]

3. We are fucked

Over $3.00 a gallon with 10% unemployment=bad news for consumer spending, job growth.

I hope all the Republicans in Congress face sex scandals.

[AlphaCentauri]

11. yes we are fuck if don't realize that we have to change our lifestyle n/t

[Alcibiades]

17. It's too late for that

I was referring to the economy.

[twhite1]

4. Oil co's make more money w/higher price/lower production

Oil co's love it whenever they can keep the price high, but not have to bear the very high costs of producing a lot of petroleum products. It isn't just the cost of labor, their refineries cost a fortune to operate and maintain.

[Duckhunter935]

7. Love my Smart nt

[Name removed]

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[Name removed]

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[alittlelark]

12. Los Altos,CA (Silicon Valley) $3.05 at the cheapest

station around.

[shadowknows69]

13. Already there.

[benld74]

14. And A_W_A_YYYYYYY WE GO FOLKS AGAIN! SOB 'S

[benld74]

15. AND ANOTHER THING,,,

Just last week I read an article HOW the OIL COmpanies are SHUTTING DOWN refineries because , get this, this is where it gets good,




The
LAck
of
demand!!!!!!

[Historic NY]

18. Election season is over.

[treestar]

19. that could be good if it means there is more demand

Then there is more going on economically and that would help lower unemployment.

It went down in the recession supposedly because demand was down.

[Odin2005]

20. Commodity speculation.

[midnight armadillo]

21. Time to polish the bicycle...

I failed to ride during the fall months (sidelined with a lung injury) and now I'm wimping out on the winter chill...and I wimped out on finally buying studded tires. Oh well.

BUT - come March-ish, I'm going to start bike commuting again, and will drive the car probably once a weekend. Then I won't care so much about the gas prices.

[Rapier09]

22. Actually that is really not that bad

At one point in 2009,an average of 4.00$ a gallon was what was expected for the near-future.Collapse of the $ and all.