By Kiah Haslett | Gas
prices Cook County jumped 23 cents in April to an average of $3.16 per
gallon of regular unleaded, an increase of 95 cents from last year,
according to AAA Chicago. In Illinois and northern Indiana, gas
increased to $3, 89 cents higher than
last April.
“Gas prices have continued to rise and as we head into summer season of
higher demand, we don’t see this changing soon,” says Beth Mosher, AAA
Chicago’s spokesperson.
According to www.gasbuddy.com, a site that uses member data to compile
and compares gas prices in a city, the cheapest gas in Chicago on April
19 is $3.09 at B&Z Quik Mart on 10301 S. Kedzie Ave. and 103 St.
The price hikes come amid high demand for oil in China and economic uncertainty. Last month, oil traded at $87 a barrel, an 18-month high. The
Oil prices were @ $141 per barrel in 2008 into 2009. The gas prices were just under $3 per gallon. Now that the price per barrel is $83 and the price per gallon is $3 + who is making the extra money?
We need to wise up and not drive for two or three days.
We have been led to believe that the daily price of gasoline is tied to the daily futures price for crude oil. The ‘oil price’ quoted in today’s financial news is for oil that HAS NOT been pumped out of the ground yet!
If other commodities followed this pricing mechanism, the price of a hamburger would be going up or down daily, based on the underlying price of beef cattle. A restaurant would have to label pork dishes as ‘Market Price’ based on hog prices at the CBOT.
Big Oil has gotten ‘too big to touch’ by the feds. They have too much cash, can buy too much influence, to allow any kind of meaningful oversight.
Want lower gas prices? How about lowering gas taxes. Right now, the spot price for Gasoline in NY (where this is traded) is $2.25/gallon (from Bloomberg). Historically, there’s about 70-90 cents of taxes (40c federal, the rest state/local) of taxes added to that.
Oh , back in 2008 I remember paying $4.25 at the pump. Want to know the price of gasoline at the spot market? $3.43.
There are separate markets for Crude and Gasoline and a price jump in one doesn’t necessarily mean a price jump in another. If the spot price does increase in Gasoline, then you will see higher prices at the pump. If the spot price decreases (as it did today), then you’ll probably see the price go down by a few cents over the next few days.
Once again, more B.S. about “economic uncertainty.” Because some hand-wringer in an office with no windows somewhere inside a “think tank” is “worried” about the financial future, we pay more needlessly.
First, when will there NEVER be “economic uncertainty?”
Americans, as usual, are getting fleeced. And much like the last “administration,” no one’s doing a darn thing about it. So we’ll continue to get screwed. The current responses of “drive less” or “move closer to work” or “buy a hybrid” don’t wash with many, if not most, of the general public who can’t afford to do such things in the first place.
A load of garbage…and our “elected officials” continue to do NOTHING to help the people who elected them, Repub or Dem. American Government + Common Sense cannot exist in the same sentence.
everyone needs to unite and not drive,take a couple of days off or find other means of transportation, car pool, bike ride, motorcycle or scooter. They (oil complanies) hold us hostage because they know they can. We consumers so not unite and let this happen. I know financially this may hurt people now, but this can have a long term effect. I will personally take 3 days off this week. I know I cannot make a difference by myself.But I will protest by myself.
Sunmmer blend, Summer Driving, What a load of BS
The US Gov’t and related agencies haven’t done a
damn thing to help either no matter who is office.
A BUNCH OF BLOWHARDS!! Getting RICHER by the day too.
You are more right than you know. President Jimmy Carter created the Department of Energy with the express goal to reduce our dependence on foreign oil. We now import more oil than ever before – far more than when DoE was created. According to the Cato Institute:
“The [Energy] department will spend $29 billion in 2009, or about $248 for every U.S. household. It employs 16,000 workers directly and oversees 100,000 contract workers at 21 national laboratories and other facilities across the nation. The department administers more than 5,000 pages of regulations.”
And not a success story to tell.
End the monopoly. We have only 5 oil companies left.