Gas prices pass $3.40 a gallon, are expected to rise higher

[ckramer]

Source: yn

NEW YORK - Retail gas prices pushed past a record high $3.40 a gallon Thursday, fulfilling expectations that they'll keep climbing toward $4 as the summer driving season approaches.
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Oil prices, meanwhile, fell slightly after setting yet another record high overnight. Analysts said investors were locking in gains from crude's ongoing rally.

At the pump, the average national price of a gallon of unleaded gas rose 1.9 cents overnight to $3.418 a gallon, according to a survey of stations by AAA and the Oil Price Information Service. Diesel fuel also hit a new record of $4.146 a gallon after jumping 1.7 cents overnight, the survey said.

Read more: http://news.yahoo.com/s/ap/20080417/ap_on_bi_ge/oil_prices;_ylt=A0WTcUkN8wdIzGcBRRys0NUE

[jayfish]

1. Are These Gas Price Articles Always A Month Behind Or Something?

Reg has been over $3.40 for at least that long here.

[skoalyman]

17. they usually are

its already 3.53 for reg. in ohio.Kafart had there reg. for 3.83 its getting crazy out there.

[xioaping]

29. $3.40 is like so yesterday

Regular is $3.80 here. But I have to use premium and I had to pay $4.09 per gallon yesterday.

Lucky for me I only use a half gallon a week on my scooter to get to work. Everyone just needs to find better way to travel.

[Nay]

2. Another dollar or so, and guess what, Joe Sixpack won't be able to

get to work. And he sure as hell won't be buying shit at the mall. So, folks, this is the beginning of the end, is it not?

[Jackpine Radical]

5. Tht would pretty much be my guess.

Oughtta make for an interesting election.

[skepticscott]

7. You're assuming that

the media will let anyone care about the skyrocketing cost of fuel and everything that goes with it. When the general campaign starts, they'll be focusing on why Obama can't pick up spares.

[Jackpine Radical]

9. If gas is $4, people aren't gonna give a shit

what the media say.

[Nay]

45. Zackly. And it will be more than $4 by summer's end. Although

Europeans do spend much more per gallon than we do, I suspect they use much less total gas -- they have public transit, they walk and bike more because of pedestrian-friendly towns, etc. Here in the US, so much is dependent on the car culture that price shocks like what we are going to see will throw many people's lives into a tailspin. So many are on the edge already, and they're gonna get pushed off.

[Name removed]

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[Psephos]

19. They've been paying more than that in Europe for a long time, and they're still working

It's not a perfect comparison by any means but I suspect the American economy will somehow survive $4 gasoline.

Meanwhile, gas pump pain will likely be balanced in the future by all of the research and development of alternative energy sources these prices are driving.

[Jackpine Radical]

38. Europe's situation evolved; it didn't drop on them overnight.

They have high-mileage cars, a lot of diesel passenger vehicles, and widespread public transportation (largely trains). They are also a geographically more compact place.

We aren't going to have highly efficient cars overnight. We should already have them, but we don't. And the poor and lower-end working people are going to be the ones hit hardest by this. They're driving old, gas-guzzling junkers that they can't afford to dump. It's going to cost some people as much to get to work as they can earn on the job. I, for one, live in a relatively sparsely populated part of the world where people tend to drive long distances for everything. 10 miles to the grocery store 50 miles each way to work. Etc. The incomes around here were already lower than national and state averages, and the people I know are going to be hit hard.

[customerserviceguy]

46. I saw this in the Pacific Northwest

back in the 1980's, we watched our electric costs go WAY up, and most folks there use electricity to heat their homes, since it was so cheap during the 1950's and 60's. You just shove something else to the bottom of the priority list, until your income has a chance to climb back up to being able to afford that thing, even if it takes years.

People will always find the money to buy gas to get to work, they'll just cut back on other things. Of course, that will hurt other segments of the economy, but energy always wins the battle.

[Name removed]

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[Jackpine Radical]

3. $3.54 here today.

$3.75 by Memorial Day & $4 by Labor day I'm betting.

[skepticscott]

4. The rest of the country is behind the times

Prices hit $3.70 in suburban Chicago today...but the real fun will start when supplies get tighter. Then people will be waiting in line and competing for the privilege of paying $4.00 a gallon.

[Jackpine Radical]

6. I think supply & demand have come disconnected.

I read somewhere that we're awash in gas but the prices stay up.

Sounds like price fixing to me.

[skepticscott]

8. Prices will stay up

as long as people keep shelling out.

[pop goes the weasel]

22. they will stay up even if people don't shell out

The globalized wealthy no longer see a connection between the economic welfare of the masses and their own welfare. Nineteenth century industrialists sought to get rich through mass production and low prices. Twenty-first century financiers seek to get rich through extortion and usury.

[skepticscott]

35. Oil isn't yet immune to the laws of supply and demand

If people in this country drove less, and did it in cars that got much better mileage, prices would not be going up so quickly. Eventually the dwindling supply of oil will bite us all in the ass, but for now, if the oil companies found themselves with an overabundance of gasoline this summer, it would have an effect.

[saigon68]

12. The Chinese have $2 Trillion Green US dollars

garnered from the last 6 years of selling dangerous plastic shit to the US. The Chinese govt is not about to share any $$$$$$ with their own peasants. So the government of China is buying oil steel, wheat anything the green US dollar will buy.

The problem is the countries like Saudi selling these commodities are also awash in trillions of $$ of green paper asswipe. The Saudis have an estimates 3 1/2 TRILLION dollars worth of US Bonds.

The people selling will only take so much of the asswipe so they raise the prices.

There is 10 trillion dollars of this funny money floating around and the world is about to realize its not worth the paper its printed on.

[Psephos]

18. With holdings that big, it would seem to be in their interest not to wreck the dollar's value

as a matter of self-interest.

[Art_from_Ark]

27. They can use holdings that big as a "bargaining tool"

In other words, they have our private parts in a very uncomfortable position.

[skepticscott]

37. They may already be doing that

Did anyone pay attention to Stephen Hadley's comments on a possible boycott of the Olympic opening ceremonies? Made me wonder if the Chinese had brought some subtle pressure to bear on the US. They know that without the full and enthusiastic participation of the United States, their Olympics will come across as sub-standard, and the victories they plan for their drugged-up athletes won't have nearly as much meaning.

[xioaping]

30. They are not wrecking dollar value, U.S. is

The Chinese are not wrecking the U.S. dollar. The U.S. just put $1 trillion into the banks to save them from the sub-prime mortgage catastrophy. Had they not, banks would have failed. All that money has devalued the dollar. A lower value dollar means you need more dollars to buy a barrel of oil. So, the price goes up.

Why would the Chinese want to devalue all the dollars they have? That makes absolutely no sense excpet if you have some conspiracy in your head. That conspiracy would be that the Chinese are willing to make all the U.S. dollars they have worth half as much. The day a Chinese want his money to be half I will be laughing cause it will only be a joke.

[Psephos]

31. If you re-read my post, you will see that we agree completely

China has every self-interested reason to not let that happen.

[xioaping]

32. Sorry I did not read closely

I was not seeing clearly because I was still mad at paying over $4 for gasoline :)

[Psephos]

34. That would bring tears to my eyes also ;-) n/t

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[skepticscott]

36. Eventually that will be true

but for now, people have to at least pretend that United States debt obligations are a 100% ironclad investment, because if they're smart they know that perception of the "full faith and credit" of the United States is the only thing keeping the economy (and to some extent, the civilization) of the entire world from reverting to the Dark Ages.

[saigon68]

42. Get a supply of candles

always good to have spares on hand

[Jackpine Radical]

39. You are absolutely right.

The price of oil in dollars is rising faster than the price in Euros, because the Bush crowd has deliberately destroyed the dollar. Now you know why Darth Cheney is invested totally in foreign securities.

[nancyr]

10. $3.66 here.

Hurtling toward the $4.00 mark well before Memorial Day.

[Politicalboi]

11. That's cheap

Compared to Ca's 3.76 a gallon out here. And that's for regular 87 octane. Gotta get me a compressed air car.

[saigon68]

13. Here is part of the answer Compare this DU thread

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3272964

[tabasco]

14. Thanks Bush. Thanks republican voters.

Thanks, apathetic Americans who don't vote.

[paparush]

15. Ed Wallace - Business Week - "There is NO Gas Shortage"

But Washington, Wall Street, and ethanol and oil and gas companies want you to think there is, says automotive expert Ed Wallace

"They see speculation in the market, I see decline in global inventories. I don't think this is a big surprise, that we've had a jump in price when there has been a decrease in crude inventories."— Energy Secretary Sam Bodman, Bloomberg News, Mar. 5, 2008

"It should be obvious to you all that the demand is outstripping supply, which causes prices to go up." — President George W. Bush, Associated Press, Mar. 5, 2008

One wonders if verifiable facts ever get in the way of this administration's statements on issues that are critical to the average American's wellbeing. After all, last time I checked, when politicians are elected to public office, or appointed, as is Energy Secretary Samuel W. Bodman, they must take an oath to the American people before assuming their new positions. How can they forget a sacred oath so quickly? Were they daydreaming when they took it, so it never meant anything to begin with? Maybe it's just another promise you have to make to get into office: When you're securely incumbent you can ignore even solemn oaths you took.

Obviously, the two quotes that led this article came from discussions concerning the current high price for oil on the futures market. Bodman appears to be protecting the speculators in oil, as opposed to looking after the interests of all Americans. President Bush, apparently, has never talked to the Energy Dept.'s Energy Information Agency to see whether gasoline demand is actually up. More troubling, the writer of that particular Associated Press article obviously didn't look up the EIA's numbers to verify the President's assertions. They weren't accurate.

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http://businessweek.com/lifestyle/content/apr2008/bw2008041_945564.htm?chan=top+news_top+news+index_businessweek+exclusives

[OKthatsIT]

16. I just saw our Interstate being blocked by about 20 truckers

its a national protest on gas prices.

Almost forgot...the Revolution Will NOT be Televised.

[unkachuck]

20. nationalized....

....the oil industry like most modern civilized nations have done and take the profit out of this vital national resourse....

....do we have high speed computers?....well, then use them to manage our response to any shortages due to supply, war or politics....

....then the worst we would have to put up with is rationing; but at least we will be able to afford gas when we need to drive....

....or continue this financial raping until gasoline becomes a product for only the wealthy....

[Amonester]

28. the problem for the wealthy is:

they won't remain wealthy for very long when even the guards of their gold won't be able to afford driving to work...

they're shooting themselves in the foot big time

but I suppose they're all "Cheneyite" stups

[Broken_Hero]

21. Damn,

just damn...prices jumped 17 cents here, now 3.30, still below the average, but damn...May/June/July/August...4bucks plus I bet.

[scarface2004]

23. i say it hits $6 by memorial day!

cheney's reaction....so!!!!!

[Gonnuts]

24. Gas Station Owners Have Been Already Notified ...

that in August gas will be $4.50 - welcome to the New World Order

Maybe we should invade another oil-rich country?

[Name removed]

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[Gonnuts]

25. Might be a good time

to get a deal on an Explorer, or a nice Hummer ... I wonder how many of them we'll see parked on the side of the road.

What fucking idiots - watch, if my assessment of human nature holds true people will STILL buy those stupid-ass SUV's ...

you truly do reep what you sow

[Solon]

26. At the gas station I work at, it popped up to $3.49 today...

and we are supposed to have lower than average prices for the country.

[xioaping]

33. california gas prices dot com shows

at $3.99 in Eureka area. Not just at one station but at several in surrounding towns. Not good.

[krabigirl]

40. $3.82 here in Orange Co, California.

[MadinMo]

41. $3.29 in Southwest Missouri.

It jumped 20 cents in the last week alone. I dread the higher prices the rest of the country is paying!

[MaineDem]

43. $3.51 here in ME this morning; was 3.33 on Wednesday

Someone on tv said $12 a gallon before it flattens out. Holy crap!

[One_Life_To_Give]

44. At what point will we use 10% less?

$3.40 a gallon and we are down less than 1%. So I doubt $4/gal will have much more effect. Probably take close to $6 to see significant reductions in the short term. Wether $4/gal will have an effect over the long term is still to be decided.

[hayu_lol]

47. Klamath Falls, OR...

Reg. unleaded: 3.64 as of this morning

Diesel: 4.04

Diesel heating fuel: 3.44 and thats the lowest in several months
(road tax removed)

[Name removed]

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[a la izquierda]

55. $3.33 in Norman, OK

my husband has banned me from driving to class unless the weather is bad. he drives 25 miles round trip daily and fortunately we have a new hyundai accent, which is good on gas. but it is still expensive as hell for us.

[lutefisk]

56. We're getting the full Enron treatment...

...including the Bush Administration and Congress looking the other way.

Plenty of people getting rich from this manipulation of the energy markets. This shit is out of control, and there is nobody to stop it.

[llmart]

57. Though part of me is sympathetic.....

to people who have to pay high gas prices, the other part of me - the environmentalist - thinks that some good will come of it if gas gets high enough. It isn't high enough yet for most Americans to consider changing their driving habits, carpooling, demanding public transit in places there isn't any or using public transit in places there is, etc. I admit I'm equally guilty. I know there are things I could do to conserve but I haven't. I could buy a Prius, I could stay home more, etc. so I'm admitting that I have room for improvement too, but I look around me and I'm a whole lot better than most people in my area. They're still not turning in their big, gas guzzling vehicles and they buy little Johnnie or Susie a car the minute they turn 16 and allow them to run all over town too.