Gas prices up 55 cents from a year ago

By CNN
Posted Feb. 21 at 6:18 a.m.

U.s. gasoline prices have jumped another nickel per gallon — pushing prices to 55 cents more than a year ago — according to a study published Sunday.

The average price for a gallon of regular is $3.18, the Lundberg Survey found. That’s up 5 cents from two weeks ago, publisher Trilby Lundberg said. In Chicago, the average price for a gallon of regular is $3.284, according to AAA’s Fuel Gauge report.

“That is a significant bite for motorists considering the continued deep unemployment,“ Lundberg said.

And it comes amid a “very wide and deep glut of gasoline supply,“ she added.

The spike is partly due to events in the Middle East and north Africa, Lundberg said.

The most common benchmark for crude oil is West Texas Intermediate on the futures market. That crude is “glutted, in serious oversupply,“ she said. “But U.S. refiners use many other crudes, some of which have been jumping on Middle East tensions.“

The gasoline glut has helped prevent prices from rising even more, she said.

Gas prices may rise another nickel or dime in the coming weeks, Lundberg said. “It would of course be far more if Middle East problems augmented and caused oil prices to skyrocket,“ she said.

Prices at the pump have risen 49 cents a gallon since late September.

The Lundberg Survey tallies average gas prices at thousands of gas stations nationwide.

Here are the latest average prices in some U.S. cities:

-Billings, Montana – $2.95

-San Francisco – $3.54

-Houston – $2.98

-St. Louis – $2.99

-Tulsa, Oklahoma – $3.01

-Baltimore – $3.09

-Atlanta – $3.11

-Boston – $3.21

-Las Vegas – $3.20

-Minneapolis – $3.18

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18 comments:

  1. Dean Feb. 21 at 8:54 a.m.

    Higher gas prices have to be laid at the feet of George Bush and **** Cheney. They were in office for 8 years and look what we have now–unrest in the Middle East, no drilling in the gulf, no drilling off our coasts, a massive deficit, electric cars that only the rich can afford, etc. How many vacations did this guy take while he was in office? He needed to be working harder for lower gas prices, rather than vacationing.

  2. terry Feb. 21 at 9:18 a.m.

    Oil prices surged more than 4 percent early Monday as anti-government protests in the Middle East and Africa intensified, raising worries about possible supply disruptions.

    Note it is only WORRIES about POSSIBLE supply disruptions. There is no legitmate cause for raising prices. I thought this is something illegal called price gouging. Oh, never mind, we are talking about the government protected oil companies: you know, the ones who finance political campaigns.

  3. harrisonbergeron Feb. 21 at 9:40 a.m.

    This is the beginning of Obama $4.00 + gas prices.

  4. Guy Williams Feb. 21 at 9:51 a.m.

    When Bush was president and gas prices went up all we heard from the media that it was caused by Bush and Cheney being in bed with ‘big oil’. Now that the prices are going up again when can we expect the stories of Obama being in bed with ‘big oil’. We won’t hold our breaths.

  5. Harvey Wallbanger Feb. 21 at 9:55 a.m.

    How much of that 55 cent per gallon increase has gone to oilfield workers, refinery workers, tank truck drivers, and gas station attendants? I sure not one single penny. So where is it going?

  6. Chicago trees Feb. 21 at 10:19 a.m.

    Good news! People drive too much and pollute. We need to see gas prices go up higher and more people will live closer to public transit and take it more often.

  7. joebagadonuts Feb. 21 at 10:39 a.m.

    people should take to the street and protest THIS! every article, including this one, states that we have an OVERsupply, and rising prices are based on mere speculation about the future from the very few who would profit from higher prices in the future! this is a giant scam! yet we take it sitting down, and just eat it. it’s not the dems or the repubs who run this country. it’s not obama and it’s not boehner. it’s big oil and the speculators. wake up.

  8. HankHerpe Feb. 21 at 10:56 a.m.

    So, there is a GAS GLUT but prices are rising. What will be next bizarre, unrelated, speculative event to cause another spike? Some oil magnate developing constipation from gluttony. Pass the KY lube.

  9. Art Bocek Feb. 21 at 11:06 a.m.

    And you watch the oil companies at their quarterly report will post how many billions of dollars profit they made. They even have the gall to advertise it….. Bummer

  10. OPEC Feb. 21 at 11:19 a.m.

    OPEC is responsible for regulating fuel prices in almost every country in the middle east. Big oil has nothing to do with it. What needs to be analyzed is the average increase in price per gallon (before taxes are levied to end price) proportional to the increase in a barrel of oil on the open market.

  11. James Feb. 21 at 11:50 a.m.

    What’s everyone complaining about – there was a huge oil spill in the Gulf last year and it has to be cleaned up !! You didn’t actually think BP would pay for it, did you?

  12. chigirl Feb. 21 at 12:10 pm

    Where are our fine legislators? Should they not be investigating the record profits of the oil companies as they gouge consumers? Or will they just give lip service to it all as usual. Because someone has to pay the lobbyists that support the Congress (BOTH Rep. and Dem.).

    By the way, even tho the BP commercials say they have paid those who lost money due to their oil disaster, they have not. So it’s another win-win for BP and Big Business. Anyone surprised? After all, the message for decades now has been what is good for big business is good for America. The regular Joe can can hang around with his/her mouth open, waiting for something to trickle down. Keep waiting.

  13. Andy Feb. 21 at 12:12 pm

    This is very cheap.
    In Europe an average of 6.5 $ one gallon. :(

  14. Rose Feb. 21 at 12:35 pm

    There’s a cause and effect relationship. The GOP gets in and gas goes up.

  15. clarence Feb. 21 at 12:47 pm

    I taught obama said times are getting better. With the rise in Gas prices will come more hardships for the American Middle Class Family. Nice going obama.

  16. steve March 6 at 8:06 pm

    Why don’t they suspend the gas taxes to help ease the burden on the american people. Oh thats right.that would be too much to ask and makes too much sense. Its getting harder and harder to live in this country just for basic neccessities. i fear how bad it will be when my son grows up.

  17. jojodancer March 6 at 11:32 pm

    Hillbillies like Haley Barbour and the rest of his so called”conservatives” actually uneducated, greedy morons, should not permitted public access to commentary-today’s comments that “Obama’s administration plotted alternative energy to raise costs and drive up oil”! What next? How do idiots like this guy get elected anyway? Oh that’s right, especially in the south, the education system is SO DUMBED DOWN that people actually believe anything these clown say at election time, they just throw in a little “Jesus won’t love you if you don’t vote for me” and VOILA!! Then they throw in trash like SCIENCE IS A CONSPIRACY OF SATAN AND THE LEFT WINGERS AND IS A BIG LIE and bingo, the voters buy it! Why is the Obama admin. pushing so hard for real education regform and the hicks fighting it? that’s why! the truth can’t be hidden from open eyes and minds!!!!

  18. jojodancer March 6 at 11:40 pm

    Don’t forget the REPUBLICANS ARE THE ONES WITH THE HUGE INVESTMENTS AND RETURNS IN OIL AND ARE THROWING BILLIONS OF OUR TAX DOLLARS TO THE BIG OIL CORPORATIONS/THEMSELVES FROM OUR TAX MONEY!! THIS IS MONEY THAT SHOULD BE GOING TO THE PEOPLE WHO DESERVE IT FOR HEALTH CARE, SOC. SECURUTY, JOB CREATION, ETC.. IT IS THE REPUBLICANS THAT SHOULD BE EXPOSED TO THE PUBLIC AS THE MISERS WHO ARE TRYING TO LOOT ALL THE TAXES AND ANYTHING THEY CAN GET FOR THEMSELVES!!! ENOUGH! FIGHT BACK AMERICANS!!!!!! THESE TAX DOLLAES ARE OURS, NOT BIG OIL’S! NOT REPUBLICAN’S BUT OURS!!!!