Gas Prices at the Pump Approache Record Highs
March 11, 2008
(Long Island, N.Y.) Prices at gas stations nationwide surged over 0.7 cents overnight to approach all-time high figures set on May of last year to finish at $3.222 a gallon or 0.005 cents off of the record which stands at $3.227 per gallon, a figure experts believe could easily be surpassed by a day’s start of business.
According to AAA records and Oil Price Information Services, May of last year holds the record as the highest nationwide average pump price per gallon in history with high demands for oil especially during summer and spring time added with supply outages being the key factors for the increase in Oil prices back then. Estimates by both companies have gas price at the $4 per gallon level by summer this year which would hold true to the general consensus by the public gathered in a recent survey conducted nationwide for consumers.
Meanwhile at the New York Mercantile Exchange, Sweet and Crude Oil prices jumped to another milestone in setting a new high for inflation-adjusted rates with a single day increase of $2.75 for April deliveries to close the day with a record $107.90 per barrel. It also set a new in-day trading high after it reached $108.21 after noontime before it settled down to its closing figure. The increase in oil prices pried investors away from Wall Street which contributed to the struggling stock market.
The sharp increase in Oil Prices both at pump stations and at the broader markets are determined by several factors including scarce supply after OPEC declined a US-government request to increase the export of Oil to the country. Another factor was the much publicized squabble between US and the Venezuelan government over the frozen assets Venezuela incurred after it violated rules while the current mayhem at Nigeria which is one of the biggest oil-producing regions in Africa contribute to the increase in oil price.
Posted by News LI Editor · Edited by Brianna - Filed Under Money
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One Response to “Gas Prices at the Pump Approache Record Highs”
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I’ve been driving on Clean Wind Power for about a Year.
http://video.google.com/videoplay?docid=-7801167825618010038
I know people whose solar panels provide not just enough power for their home but for there electric car too. Bigger cars can carry more batteries and therefore get even better gas mileage. You should not have to give up anything except being dependant on one source of fuel. I did my conversion because I realized that burning fuel in my car and throwing it into the air is probably not the best thing for our lungs. Also here is what else I think.
Global warming – real, but I don’t think man has much to do with it.
Ethanol – bad, just another product to have to go buy
Bio-fuel – bad, just another product to burn and put in the air
Hydrogen – bad, takes three times the energy to make then to just put the power in batteries in the first place.
Oil – important, we need it for so many things, but let’s not just waste it by burning it and polluting our air.
Electricity – is already pumped to your home and you can make some yourself if you want.
Me – Rightwing Republican who uses clean technology to fatten his stock portfolio and to insulate himself from little things like gas going up a few cents a month.
Pipe dream? Try this http://video.google.com/videoplay?docid=-7789240405430323908
We need to be energy independent so we can be nationally secure. If the car companies won’t make Plug-in cars for us, me and a few thousand more of my buddies are now making them, and will continue to make them for ourselves.
- Posted by: Cheap