Brace yourself. $4+ may be coming to a pump near you
How much are you willing to pay?
U.S. drivers will pay another 10 cents a gallon for gasoline before the latest jump in wholesale costs is fully passed on at the pump, and yearly motor fuel costs will rise 28 percent from last year, the Energy Department said Wednesday.
The average U.S. household will spend about $700 more for gasoline in 2011 than it spent last year, bringing total motor fuel expenses up 28 percent to $3,235, based on an annual pump price of $3.61 a gallon, the department’s Energy Information Administration said.
Retail gasoline prices soared by 38 cents over the last three weeks to $3.52 per gallon, according to the EIA, because of high crude oil costs due to unrest in the Middle East…
…There is a 25 percent chance the pump price will exceed $4 a gallon from June through August, the agency said, compared with a 10 percent probability gasoline could fall below $3 during the same period. (read more)
Even more reason, like Steve Everly notes, “Why we need to drill here and now.”
It is truly astonishing how the Obama administration has not only failed to address the problem of rising gasoline prices, but actually spent the last two years making the problem worse…
Meanwhile, gasoline is heading back to $4 per gallon. Prices at the pump set a nationwide record for February, and some experts are predicting $5 per gallon gas by year’s end. Recent unrest in the Middle East has intensified the situation and caused prices to spike even further.
What is the White House doing in response to these rising costs?
President Obama thinks Americans should just “ride out” the situation and hope that prices will stabilize. The deputy secretary of energy says OPEC has “ample supplies” of oil, and the administration’s position is to hope that foreign dictators “will continue to support our economic recovery.” Treasury Secretary Tim Geithner says consumers just shouldn’t worry about higher prices, while White House economic adviser Austan Goolsbee miraculously claims that high gasoline prices won’t hurt the economy.
In fact, the president’s latest budget actually includes billions of dollars in new taxes on American oil production,…
Democrat leadership. See what it gets you?
As of this morning, the lowest regular unleaded fuel prices here were at $3.33 9/10 at Rockytop Shell, Love’s Travel Center, Pilot Travel Center and Marathon and the highest price at the Jefferson Farmer’s Coop at $3.42 9/10. All retailers listed are located in Dandridge, which had the bottom and top of the range for the day for stations published.
Brace yourselves. It’s only going to go higher without decisive action to reduce our dependence on foreign oil.