Gas prices turn upward after long skid

[alp227]

Source: CNN

U.S. gasoline prices have gone up by nearly a dime a gallon in the past two weeks, reversing a three-month slide amid an increase in crude oil costs, according to a new nationwide survey.

The average prices of a gallon of regular gasoline at filling stations in the continental United States jumped about 9.6 cents per gallon, to just under $3.51, according to the latest Lundberg Survey. Gas prices had been falling since April 6, skidding downward by 56 cents a gallon by mid-July, survey publisher Trilby Lundberg said Sunday.

The price of crude oil -- the largest single component of gasoline -- on the New York futures market went up about $3 a barrel in the past two weeks, closing Friday at more than $90. That helped drive prices upward, Lundberg said. But she said motorists may see "a comparative period of stability" at the pump.

"Weakness in demand around the world from economic conditions is keeping the price from rising further, while the Middle East tensions and a great deal of noise in the currency markets about the possibility of printing more money in Europe and the United States is having the effect of raising the price of crude," she said.

Read more: http://www.cnn.com/2012/07/29/travel/gas-prices/index.html

[montanacowboy]

1. The ratchiting up of prices has to begin so that

by Oct they will be close to $5 - that's the plan I am sure

[sofa king]

11. That WAS the plan...

... Until the Obama Administration started nailing the hell out of oil speculators:

http://www.forbes.com/sites/afontevecchia/2012/04/17/obama-politically-charged-new-oil-market-rules-target-speculators/
http://www.mcclatchydc.com/2011/05/24/114711/speculators-charged-with-manipulating.html
http://www.democraticunderground.com/?com=view_post&forum=1014&pid=128118

Prosecutors made sure to start with manipulation from the last general election year, 2008, a clear message that if they try it this year, they're going to be busted.

And then, exactly as Forbes and Businessweek predicted they wouldn't, oil prices began to fall and stabilize.

[AllyCat]

2. It wasn't a skid for me. But then, CNN doesn't care what we think.

[may3rd]

3. Don't worry, "experts" say it will be $2.50/gal by election day

"Experts" are always right... when hide sight is 20/20 and short term memory abounds


http://www.democraticunderground.com/1014149895

[Andy823]

4. Greed at work, again!

I think the right pretty much knows Romney is going to lose, so once again, like back in 2008, wall street is going to do all they can to make money on oil and everything else. Speculators have one last shot at making a few million before the elections, and they are going to do it. I see more ups and downs coming in stocks, raise prices, then sell off till prices drop low enough to start raising them again. Jack up gas prices with whatever excuse they can find until after labor day. Make a few "million" and who cares how it affects the rest of the world! Good old wall street greed!

[hobbit709]

5. "nearly a dime a gallon"_MY ASS!!

I paid 22 cents more yesterday than what I paid the last time I got gas about 3 weeks ago.

[lobodons]

6. MittWhitt hits ME and threatens Iran

and gas goes up 2 bits. Way to f'n go MittWhitt.

[Panasonic]

7. Up 3 cents here.

From its recent low of 3.30.

Great.

[CountAllVotes]

8. Long skid ... wtf?

It skid from $4.59/gallon to the present figure of $3.99/gallon.

Big damn deal is what I say.

I'm simply not driving much anymore. To hell w/it!

[underpants]

9. Corn

as well as other factors the drought has driven up the price of gas on speculation about the horrible corn crop

[ileus]

10. Ours started going up the weekend of the 4th...