Gas Prices - Lifetime Record - $3.49 per gallon
Gas prices reached a lifetime record yesterday, when regular gasoline hit $3.49 per gallon. That is triple the price of only a few years ago. This price rise comes after other increases in recent weeks.
It also comes on the heels of a report by the E.I.A. saying that this summer's gas prices would be lower than last summers. Apparently, the E.I.A. is far off on its predictions.
This increase agrees with several articles written about gasoline flows. The issue is one of supply and demand on both the consumer side of the refineries, and the producer sides. With zero growth in global oil supply, and an apparent difficulty in refining, supply and demand are driving gasoline prices to record levels.
I've written a couple earlier articles about how these prices impact those folks living paycheck to paycheck. I've also written about how little demand changes when prices increase. These two things, coupled with zero growth in supply (due to peak oil) is making for a perfect storm.
References:
http://www.energybulletin.net/29657.html
It also comes on the heels of a report by the E.I.A. saying that this summer's gas prices would be lower than last summers. Apparently, the E.I.A. is far off on its predictions.
This increase agrees with several articles written about gasoline flows. The issue is one of supply and demand on both the consumer side of the refineries, and the producer sides. With zero growth in global oil supply, and an apparent difficulty in refining, supply and demand are driving gasoline prices to record levels.
I've written a couple earlier articles about how these prices impact those folks living paycheck to paycheck. I've also written about how little demand changes when prices increase. These two things, coupled with zero growth in supply (due to peak oil) is making for a perfect storm.
References:
http://www.energybulletin.net/29657.html