AAA's Daily Fuel Gauge Report shows that motorists nationwide paid an average of $3.11 per gallon of gasoline on Nov. 14, up from $2.75 a gallon a month ago. Guy Caruso, head of the Energy Information Administration, an arm of the U.S. Energy Dept., warned that gasoline prices, while high, don't yet fully reflect the price of crude oil, which is trading around $94 per barrel. On Monday, the U.S. Energy Dept. warned prices could rise another 20¢ a gallon over the next two to three weeks if refiners pass along the increase in crude oil prices.
Isn't that just wonderful news.
1 comment:
20 cents a gallon over the next two or three months? Hah! That's nothing. Let me tell how petrol prices go in Melbourne, Australia, Bonddad.
I ride the trams to work, but I still keep an eye on petrol prices for the once a month or so we have to fill the Prius. My route takes me past two of the cheapest bowsers in town.
Wednesday night at 2200, the price was $1.20 Aussie per litre. The next morning at 0600, price was $1.35 -- 15 cents overnight! And at 3.8 litres to the gallon, that's like a 55-cent-per-gallon increase. (At current exchange rates, say 50 US cents a gallon.)
Petrol prices are cyclical by the day of the week here. All the stations jack them up in unison. They used to spike on Friday and fall after the weekend, but lately I've noticed the jump coming mid-week, with prices slipping back on Saturday and Sunday. They'll be at $1.22 per litre by next Tuesday. Totally a racket, and this happens in a country with lots of regulations and consumer protection. Who says there's such a thing as a "free market"?
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