GasBuddy News Article

votes

Gasoline could reach $5 by July 4

PITTSBURGH TRIBUNE-REVIEW -- -

At the rate gasoline prices are going, don't be surprised to see $4 a gallon — or higher — prices at the pump by the end of May.

Motorists have seen the national average for a gallon of regular gasoline rise above $3.50 a gallon on just three occasions, but it has never happened this early in the year.

"Gasoline could be about $4 by Memorial Day," he said. "There could be places in the United States where gasoline will exceed $5 by the beginning of the summer, around the Fourth of July."

Read the Full Article

Submitted Feb 20, 2012 By: SkyWarnTX

Back To News

Category: Daily News Article Discussions > Topics	Add to favorite topics

Author	Topic: Gasoline could reach $5 by July 4	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First

Next Last

honda0105 Champion Author Tallahassee Posts:18,610 Points:1,608,545 Joined:Nov 2008	Message Posted: Feb 23, 2012 6:01:20 AM Ignore honda0105 Report Abuse talk it up to be sure it DOES go to $5, if only on the basis of panic speculation.
Cashless Champion Author Akron Posts:3,515 Points:734,080 Joined:Apr 2011	Message Posted: Feb 20, 2012 11:51:32 PM Ignore Cashless Report Abuse Let's hope not.
Rooster922 Champion Author Wilmington Posts:3,788 Points:656,070 Joined:Jan 2009	Message Posted: Feb 20, 2012 11:51:20 PM Ignore Rooster922 Report Abuse mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
SammyAdams Champion Author Tallahassee Posts:3,054 Points:792,745 Joined:Nov 2010	Message Posted: Feb 20, 2012 8:26:49 PM Ignore SammyAdams Report Abuse While there are many factors which can affect the price of fuel and consumer goods, one is often overlooked. Below is my post from the other news article referenced Feb 20, 2012 8:16:41 PM, which addresses this factor: "Prices are not going up because 7 out of 8 people surveyed believe that prices are going up. I am surprised that prices have remained as LOW as they have for as LONG as they have. One of the biggest factors that determines consumer prices is the Federal Reserve. In fact, it would be more appropriate to say that the dollar is LOSING its value than to say that prices are going up. When the $1.5 Trillion now sitting in U.S. banks from "Quantitative Easing" (QE2), you will likely see prices go up like a Saturn rocket. Hyper inflation is soon upon US. And because nobody seems to want to listen to the advice (much less take it) of Congressman Ron Paul, we can now go through an economic period that will make this recession appear like a Sunday school picnic. So brace yourselves and if you are listening, prepare yourselves. You might consider investing in gold (expensive, I know) and silver. A more modest hedge against the coming hyper inflation would be ammunition for your guns. Most folks forget to restock, but think about it: a gun without ammunition is merely a paper weight. You will need the ammo that you don't use for trading for "beans" for protecting your goods from those who didn't see this period coming and/or didn't consequently prepare for it Bush did his part and BO is certainly doing his bidding. So if you cannot seem to get motivated enough to defeat the Establishment candidates (Obama, Gingrich, Santorum, and Romney), at least prepare for what the next 4 years will be living under their rule."
SammyAdams Champion Author Tallahassee Posts:3,054 Points:792,745 Joined:Nov 2010	Message Posted: Feb 20, 2012 8:16:41 PM Ignore SammyAdams Report Abuse From the article: "Several factors are driving up pump prices, but the chief one is crude oil costs that are being pushed up by international demand that is "rising more quickly than people had anticipated." said Moors. Also putting upward pressure on crude prices are sanctions on the oil producer Iran, including a European Union embargo of Iranian oil that is set to kick in July 1 . . . " ----------------------------------------------------------------- Both of these factors are driving fuel prices into the stratosphere. The sanctions of an oil producing country called for by our own President and the resulting increase in the cost of crude oil world wide. This is a curious move by a President in a re-election year with his country's economy in the toilet. But an even bigger factor was the subject of an earlier post of mine today which I am re-posting from another forum.
Caduceus26 Champion Author Jacksonville Posts:3,896 Points:762,385 Joined:May 2009	Message Posted: Feb 20, 2012 6:59:46 PM Ignore Caduceus26 Report Abuse Makes me think that I'll be spending Independence Day close to home.
gknee09 All-Star Author Philadelphia Posts:980 Points:821,915 Joined:Jul 2009	Message Posted: Feb 20, 2012 6:31:13 PM Ignore gknee09 Report Abuse Headlines in May- People opt to stay home for the holiday because of rising gas prices!
SkyWarnTX All-Star Author Texas Posts:947 Points:57,185 Joined:Jan 2012	Message Posted: Feb 20, 2012 5:29:22 PM Ignore SkyWarnTX Report Abuse --- OIL FUTURE COMMODITY SPECULATORS are OPERATING under the ENRON LOOP HOLE created by Senator Phil Gramm (R-TX) for ENRON and Kenneth Lay. The "ENRON LOOP HOLE" exempts most over-the-counter energy trades and trading on electronic energy commodity markets from government regulation. Wendy Gramm, Senator Phil Gramm's wife, coincidentally was the former chairman of the Commodity Futures Trading Commission, After leaving the CFTC, she took a seat on Enron's board of directors, On June 22, 2008, then U.S. Senator Barack Obama blamed the "Enron loophole" for allowing speculators to run up the cost of fuel by operating outside federal regulation. --- What ENRON did to CALIFORNIA’s ELECTRICITY Market, REPUBLICAN SPECULATORS are doing in the OIL FUTURES MARKET now... --- OIL FUTURES MARKET SPECULATORS are PLAYING the ENRON LOOPHOLE --- Gas Pains and the ENRON LOOPHOLE --- There is NO SHORTAGE of REFINED GASOLINE in the U.S., only an OVERABUNDANCE of SPECULATOR GREED in the OIL FUTURES MARKET, bidding up the PRICE of OIL CONTRACTS, that INVESTORS NEVER TAKE DELIVERY OF. --- DRILL BABY DRILL then EXPORT somewhere else does not make any sense. U.S. OIL Companies Export 117 million gallons per day of Refined GASOLINE... from the U.S. away to OTHER COUNTRIES... to keep the price up... --- MANIPULATING the OIL FUTURES MARKET is a “Suited-Up” RICH MAN's GAME, played on the BACKS of HARD WORKING AMERICANS. --- Investors have moved out of Financial Stocks into OIL FUTURES Market which currently have a higher rate of return. See this REPORT from KTLA --- [Edited by: SkyWarnTX at 2/20/2012 5:31:28 PM EST]
SkyWarnTX All-Star Author Texas Posts:947 Points:57,185 Joined:Jan 2012	Message Posted: Feb 20, 2012 5:17:34 PM Ignore SkyWarnTX Report Abuse --- Senator Phil Gramm (R-TX_, As Republican chairman of the Senate Banking Committee from 1995 through 2000, Gramm was Washington's most prominent and outspoken champion of financial deregulation. Phil Gramm played a leading role in writing and pushing through Congress the 1999 repeal of the Depression-era Glass-Steagall Act, which separated commercial banks from Wall Street. Phil Gramm also inserted a key provision into the 2000 Commodity Futures Modernization Act that exempted over-the-counter derivatives like credit-default swaps from regulation by the Commodity Futures Trading Commission. Credit-default swaps took down AIG, which has cost the U.S. $150 billion thus far. ---- It appears that we are operating under SEN. PHIL GRAMM's (R-TX) ENRON LOOP HOLE The "Enron loophole" exempts most over-the-counter energy trades and trading on electronic energy commodity markets from government regulation.[1] In September 2007, Senator Carl Levin (D-MI) introduced Senate Bill S. 2058 specifically to close the "Enron Loophole". This bill was later attached to H.R. 6124, the Food, Conservation, and Energy Act of 2008, also known as "The 2008 Farm Bill". President George W. Bush vetoed the bill, but was overridden by both the House and Senate, and on June 18, 2008 the bill was enacted into law. Wendy Gramm, Senator Phil Gramm's wife, coincidentally was the former chairman of the Commodity Futures Trading Commission.[when?] After leaving the CFTC,[when?] she took a seat on Enron's board of directors.[when?][2] On June 22, 2008, then U.S. Senator Barack Obama blamed the "Enron loophole" for allowing speculators to run up the cost of fuel by operating outside federal regulation.[3] ---
EricSorenW Rookie Author Florida Posts:80 Points:28,230 Joined:Jan 2012	Message Posted: Feb 20, 2012 5:07:09 PM Ignore EricSorenW Report Abuse Everything is going to rise in consequence...
Alfied Champion Author Riverside Posts:7,935 Points:1,755,285 Joined:Jun 2001	Message Posted: Feb 20, 2012 4:39:21 PM Ignore Alfied Report Abuse Up and down, up and down makes the world go around.
Romey08 Champion Author Virginia Posts:6,311 Points:1,436,490 Joined:Apr 2008	Message Posted: Feb 20, 2012 4:15:36 PM Ignore Romey08 Report Abuse huge profits for the oil companies
bigoilscamsus Champion Author Lansing Posts:1,058 Points:48,265 Joined:Nov 2011	Message Posted: Feb 20, 2012 4:10:23 PM Ignore bigoilscamsus Report Abuse RISE UP!!!
Soglaos Champion Author Virginia Beach Posts:2,770 Points:737,235 Joined:Feb 2011	Message Posted: Feb 20, 2012 4:06:37 PM Ignore Soglaos Report Abuse speculators they need to go away
srchr Champion Author San Jose Posts:7,249 Points:1,619,145 Joined:Apr 2008	Message Posted: Feb 20, 2012 4:05:58 PM Ignore srchr Report Abuse politix
salog Champion Author Columbia Posts:7,710 Points:1,638,585 Joined:Oct 2006	Message Posted: Feb 20, 2012 4:05:19 PM Ignore salog Report Abuse says someone that most likely owns oil stock
caddilac Champion Author Ontario Posts:16,600 Points:2,139,480 Joined:Apr 2007	Message Posted: Feb 20, 2012 4:05:01 PM Ignore caddilac Report Abuse No big deal, I drive very little in July anyway. It will mostly effect those that waste gas by going on 'road trips' at every 'long-weekend' holiday, or those that sit in the 'Drive Thru' lanes of McDonald's, Burger King, their favorite coffee shop, bank, etc. One has to pay for laziness.......by burning gas going nowhere while decreasing the weight of their wallets, and watching their waistlines increase in size and weight (super-size them waistlines folks along with those mega-meals at the 'Drive Thru' windows). [Edited by: caddilac at 2/20/2012 4:10:03 PM EST]
Billbop Champion Author St. Louis Posts:2,782 Points:1,449,940 Joined:Jun 2004	Message Posted: Feb 20, 2012 4:03:21 PM Ignore Billbop Report Abuse Proving explicitly that America has moved away from a true "supply and demand" economy. In the last month we have read where we are literally exporting more than we are importing and we are using less than anytime since 1997. The Big Oil folks are running their business like all monopolies do, profits first, second and third, and country and people last.
DeHavilland Champion Author Toronto Posts:5,870 Points:1,903,265 Joined:Jun 2007	Message Posted: Feb 20, 2012 4:01:07 PM Ignore DeHavilland Report Abuse Good point Rochbear, good point.
boatcrazyinme Champion Author Maine Posts:1,924 Points:547,990 Joined:Apr 2010	Message Posted: Feb 20, 2012 4:00:42 PM Ignore boatcrazyinme Report Abuse we dont need it.
streetcars Champion Author Toledo Posts:12,264 Points:2,606,640 Joined:Apr 2005	Message Posted: Feb 20, 2012 4:00:03 PM Ignore streetcars Report Abuse Someone is gonna get filthy rich
badspots Champion Author Houston Posts:2,079 Points:675,145 Joined:Feb 2011	Message Posted: Feb 20, 2012 3:59:08 PM Ignore badspots Report Abuse Ok.
RochBear Champion Author Minnesota Posts:10,462 Points:1,740,965 Joined:May 2006	Message Posted: Feb 20, 2012 3:58:04 PM Ignore RochBear Report Abuse that "Could" word again. How about reporting FACTS, not Coulds.
dieselme2011 Champion Author Vancouver Posts:2,594 Points:602,840 Joined:Mar 2011	Message Posted: Feb 20, 2012 3:57:48 PM Ignore dieselme2011 Report Abuse speculators
heardva Champion Author Virginia Beach Posts:1,675 Points:274,875 Joined:Dec 2009	Message Posted: Feb 20, 2012 3:57:33 PM Ignore heardva Report Abuse okay
Algernon Champion Author Greensboro Posts:3,190 Points:783,995 Joined:May 2004	Message Posted: Feb 20, 2012 3:57:01 PM Ignore Algernon Report Abuse Vote Obama out in 2012!!!
freerobert Champion Author California Posts:1,161 Points:1,240,980 Joined:Mar 2008	Message Posted: Feb 20, 2012 3:54:30 PM Ignore freerobert Report Abuse If I remember last year correctly, I believe that prices wer going up early on in the year, and then dropped back some.
kelly1016 Champion Author Victoria Posts:1,953 Points:352,940 Joined:Oct 2011	Message Posted: Feb 20, 2012 3:50:37 PM Ignore kelly1016 Report Abuse COULD be that high or perhaps not. That is rather nebulous.
MadTraveler Champion Author Idaho Posts:2,082 Points:572,100 Joined:Nov 2009	Message Posted: Feb 20, 2012 3:49:26 PM Ignore MadTraveler Report Abuse This is what the government has been hoping and working for - hope they are happy and I hope we can put them out of a job.
balljars Champion Author Michigan Posts:8,113 Points:1,610,595 Joined:Aug 2008	Message Posted: Feb 20, 2012 3:48:44 PM Ignore balljars Report Abuse I only Hope and Pray that we can make some changes in November.
LSU_TIGERS_dmb Champion Author Louisiana Posts:1,714 Points:620,020 Joined:May 2011	Message Posted: Feb 20, 2012 3:45:43 PM Ignore LSU_TIGERS_dmb Report Abuse This way Obama thinks can get Green fuel and jobs. Hurry up november so can get rid of Obama and get a president that will lower oil and gain jobs. NOT higher oil and lower jobs as Obama has done for 3 years...
njerald Champion Author Seattle Posts:7,824 Points:1,623,075 Joined:Oct 2007	Message Posted: Feb 20, 2012 3:44:07 PM Ignore njerald Report Abuse It's the Liberal WAY
humblepie Champion Author Toledo Posts:34,191 Points:2,371,370 Joined:Mar 2006	Message Posted: Feb 20, 2012 3:42:54 PM Ignore humblepie Report Abuse or by memorial day omg 2012.........
sbazz Champion Author Cleveland Posts:1,329 Points:246,745 Joined:Mar 2011	Message Posted: Feb 20, 2012 3:42:53 PM Ignore sbazz Report Abuse No matter what we do the price will keep going up. They are the children of the devil
Racerbob Champion Author Rochester Posts:13,018 Points:2,482,530 Joined:Sep 2005	Message Posted: Feb 20, 2012 3:42:29 PM Ignore Racerbob Report Abuse Back and forth to work. That is all we will be driving. Mr. Obama is going to be on his way out the door for sure.
Babe4 Champion Author Flint Posts:13,103 Points:2,503,655 Joined:Sep 2005	Message Posted: Feb 20, 2012 3:40:40 PM Ignore Babe4 Report Abuse Perhaps they should make a nice double wide bike trail right next to the expressways and call it 'Bikers Express'. Then we can really show them that we don't need their 5 & 6 Dollar gasoline!!
Camaroman Rookie Author Rochester Posts:87 Points:62,615 Joined:Apr 2006	Message Posted: Feb 20, 2012 3:38:48 PM Ignore Camaroman Report Abuse I agree Bargaindriver, we should stop driving as much, but unfortunately the oil companies will only have more refined gas to sell overseas.
jeromehasbargen Champion Author Minnesota Posts:3,381 Points:659,975 Joined:Jan 2009	Message Posted: Feb 20, 2012 3:37:13 PM Ignore jeromehasbargen Report Abuse If it does reach $5 a gallon by July 4th I will be making very good use of my bicycle.
donny47 Champion Author New Hampshire Posts:2,656 Points:985,440 Joined:Feb 2009	Message Posted: Feb 20, 2012 3:37:06 PM Ignore donny47 Report Abuse we pay or walk!
batman66 Rookie Author Michigan Posts:59 Points:281,205 Joined:Nov 2006	Message Posted: Feb 20, 2012 3:36:34 PM Ignore batman66 Report Abuse I would like to know why(besides greed by the oil company)
Bargaindriver Sophomore Author Cincinnati Posts:191 Points:40,950 Joined:Sep 2007	Message Posted: Feb 20, 2012 3:35:26 PM Ignore Bargaindriver Report Abuse If gas prices rise to $5, most people will probably just not drive and stay local for the summer. They may be free to raise the prices, but we're free to park our vehicles and stay home.
otherdave Champion Author Indiana Posts:3,388 Points:1,268,185 Joined:Oct 2008	Message Posted: Feb 20, 2012 3:33:34 PM Ignore otherdave Report Abuse Won't take that long!
GoGoGoodyear Champion Author Los Angeles Posts:2,049 Points:507,105 Joined:Mar 2010	Message Posted: Feb 20, 2012 3:32:41 PM Ignore GoGoGoodyear Report Abuse Every summer the gasoline prices spike, it does not take a crystal ball to figure that out. If prices rise, the bad economy will go on even longer. But many things can happen between now and summer.
mlmeng Champion Author Michigan Posts:1,630 Points:590,085 Joined:Mar 2011	Message Posted: Feb 20, 2012 3:31:21 PM Ignore mlmeng Report Abuse This won't sound so bad next year when it is $6 by groundhog day.
Old Timer Champion Author Akron Posts:3,737 Points:1,262,040 Joined:Sep 2003	Message Posted: Feb 20, 2012 3:29:27 PM Ignore Old Timer Report Abuse Would be bad news.
carpenter4u Champion Author Virginia Posts:2,436 Points:615,645 Joined:Jul 2011	Message Posted: Feb 20, 2012 3:28:07 PM Ignore carpenter4u Report Abuse they say this so that you will be happy that prices only reached 4.50
Nutfield1 Champion Author Vermont Posts:9,318 Points:1,881,565 Joined:Aug 2007	Message Posted: Feb 20, 2012 3:26:10 PM Ignore Nutfield1 Report Abuse If it does hit $5, gas will be the least of our problems... you won't be able to buy food as prices would soar!
Steady325 Champion Author Orange County Posts:2,578 Points:1,459,085 Joined:Nov 2008	Message Posted: Feb 20, 2012 3:25:05 PM Ignore Steady325 Report Abuse surprising
MustangRacing Champion Author Virginia Posts:1,838 Points:648,485 Joined:May 2011	Message Posted: Feb 20, 2012 3:24:11 PM Ignore MustangRacing Report Abuse The news media feed the speculators who in turn feed the news media.
BigBillMI All-Star Author Detroit Posts:616 Points:247,430 Joined:Feb 2012	Message Posted: Feb 20, 2012 3:23:50 PM Ignore BigBillMI Report Abuse i like the Sky is falling thing