Gas Prices Skyrocket to Record Winter High
A wake-up call for drivers. We just learned that gas prices have skyrocketed. Hitting a record for this time of year
NEW YORK (Reuters) - Hess Corp's decision to close its U.S. East Coast refinery, the latest plant to fall victim to weak profits in the Atlantic Basin, could threaten painful gasoline price spikes for regional drivers as local fuel supplies dwindle further.
Hess will shut the 70,000-barrels-per-day Port Reading, New Jersey plant in late February, as part of a larger restructuring, the company said in a statement on Monday.
U.S. RBOB gasoline futures, already near a record high for this time of year, jumped more than 2 percent after the announcement, as the supply outlook for the Mid-Atlantic and New England markets suddenly looked tighter for the summer driving season.
A tighter East Coast gasoline market could mean national gasoline prices hit $4 a gallon by the spring if international oil prices remain above $110 a barrel, threatening to create additional drag on the struggling economy.
Americans are pumping about 4% of their incomes into buying gasoline, according to a government report.
The Energy Department said on Monday that U.S. households spent an average of $2,912 on gasoline last year, the highest level in four years.
The percentage reached similar levels in 2008, when a red-hot global economy and panic over dwindling supplies sent gas prices through the roof. But before then, the percentage hadn't reached these levels in nearly three decades.
gas prices have been soaring, and that's why the percentage of Americans' incomes devoted to gasoline has increased. The average price of gasoline rose to its highest-ever level in 2012
well the high gas prices never left,.. but the record high gas prices are back.. and now breaking more records..
Gasoline at Highest Price Ever for This Time of Year
U.S. drivers are now paying more to fill up their gas tanks than they ever have at this time of year.
The national average price of retail gasoline posted its biggest one-day increase in 23 months on Friday, rising four cents to $3.46 a gallon, according to AAA. The average price has risen 13 cents -- a 4 percent increase -- in the past week.
"This is the highest price record for February 1st,"
Oil producer Hess announced earlier this week that it is shutting its refinery in Port Reading, N.J., by the end of February. That refinery accounts for about 7.5 percent of oil production on the East Coast at about 70,000 barrels per day.
Biggest Gas Price Jump in Two Years
The weekly average price of a gallon of regular gas is $3.54, up 18 cents from a week earlier. That’s the biggest weekly price increase in two years, according to the Department of Energy.
This price is also up 6 cents from a year ago.
Dow’s Biggest Drop of the Year
In the first trading day after hitting the 14,000 milestone, the Dow Jones Industrial Average had its biggest drop of the year
I was a bit shocked to see $4.06 yesterday,.. I thought it was a sign that just didn't get updated.. I was wrong...
but then few are complaining.. as they normally would about the big oil ripping US off,.. so it must be ok .. cause a liberal is in office.. :?