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Current Events & Hot Topics Current Events & Hot Topics

AAA reports largest increase in gasoline prices in three years

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The 44-cent jump in gasoline prices over the past four weeks was the largest in well over three years, according to AAA.

“The 44-cent month-over-month increase is the most dramatic since June 2009. The largest increase on record was August 5-September 4, 2005 when prices jumped 75 cents largely because of Hurricane Katrina,” the travelers’ services group said in its weekly price analysis.

Here’s more from AAA:

The national average has increased for 33 consecutive days, rising 46 cents or nearly 14 percent during this stretch. This is the longest streak since the price increased 44 cents over 44 days March 22-May 5, 2011. This year’s run-up is not only larger and faster than recent years but is beginning earlier. The national average in 2011 increased by just seven cents during the same 33 day period and in 2012 it increased by 18 cents.

Average nationwide prices were $3.75 per gallon Tuesday, the highest on record for the calendar day.

That’s well below record levels reached in the summer of 2008. But prices are high enough to make the pump costs, which played a big role in election-season attacks, reemerge as a political weapon for Republicans.

Republicans on Wednesday used rising gasoline prices to reiterate calls for White House approval of the Keystone XL pipeline that would bring oil from Canadian oil sands projects to Gulf Coast refineries.

“Increased global competition for oil supplies and political tensions in the Middle East are contributing to high gas prices as uncertainty swells over future supplies. To help insulate ourselves from overseas supply disruptions and future gas price spikes, America must look to expand energy production here at home and increase imports from our North American allies,” Republicans on the House Energy and Commerce Committee said in a statement.

Critics of the proposed pipeline say it will do nothing to lower gasoline prices, which are tethered to crude oil prices set on global markets.

AAA, for its part, said this year’s earlier-than-usual rise in prices is related in part to refinery maintenance.

“One reason for the earlier price increase is the trend of U.S. refineries performing seasonal maintenance and making the switch-over to summer blend gasoline production earlier in the year. This earlier schedule is the choice of refiners and has not come in response to any change to the deadline to complete the transition to summer-blend fuels, which are required in many parts of the country and more expensive to produce,” the group said.

“Regional supplies can decrease when refineries go offline and subsequently markets are more sensitive during the changeover period to refinery disruptions that would further squeeze supply, as we have seen this year,” AAA said.


Read more: http://thehill.com/blogs/e2-wire/e2-wire/284081-aaa-four-week-gas-price-increase-largest-in-over-three-years#ixzz2LXM9UWQs
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by on Feb. 21, 2013 at 7:43 AM
Replies (11-20):
rotPferd
by Silver Member on Feb. 21, 2013 at 10:17 AM

 I'd like to know the difference between "summer blend and winter blend". It was cold here in Texas for 5 minutes and I couldn't tell the difference in my car performance.

Euphoric
by Bazinga! on Feb. 21, 2013 at 10:24 AM

It's ridiculous how much it's gone up.

Euphoric
by Bazinga! on Feb. 21, 2013 at 10:24 AM

 I went up 8 cents since last night.

Euphoric
by Bazinga! on Feb. 21, 2013 at 10:25 AM

 50 cents since the beginning of the new year.

lga1965
by on Feb. 21, 2013 at 10:43 AM

 How did the Republicans manage to do this? LOL. Did the Koch Brothers help?

 

..MoonShine..
by Redwood Witch on Feb. 21, 2013 at 10:46 AM
Yeah. Sucks. We're at 4.39/gal.
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furbabymum
by Gold Member on Feb. 21, 2013 at 11:12 AM

 Eh there is a lot of available oil in the U.S. that oil companies aren't even trying for because it's not worth it to them financially.

pamelax3
by Gold Member on Feb. 21, 2013 at 11:16 AM

It has jumped quit a bit here also, it just makes no sense

pamelax3
by Gold Member on Feb. 21, 2013 at 11:17 AM

 I agree I am also in Texas and can not tell a difference


Quoting rotPferd:

 I'd like to know the difference between "summer blend and winter blend". It was cold here in Texas for 5 minutes and I couldn't tell the difference in my car performance.


 

Naturewoman4
by Platinum Member on Feb. 21, 2013 at 11:33 PM

For those of us that live in Calif., that would great to only have to pay $3.59/gal.  Wow!!  How lucky! The best I've found here is $4.21/gal. & that's with paying cash.  It's all out of control!  I don't buy any of those excuses when gas is going up.  I also, blame Obama.  Just my opinion. 


Quoting candlegal:

I know ours went up to $3.59 yesterday.   A couple of months ago we were paying $2.99.   That is quite a jump in a few months.

Quoting stormcris:

Oh please they drove up the gas prices for the lamest of excuses ....plant shutdown. Plants go through shutdowns all the time and it is a part of business which they know will happen. Anytime someone breaks a nail lately they drive up gas prices. The middle east is the middle east we can supply our own without more drilling and we get a large precentage from Mexico.



 

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