Price of Gas Back Above $2

The average price of gasoline has climbed above the $2 mark yesterday, marking the first time since mid November 2008 that gas prices have been so “high.”  Since the the first of the year the price of gasoline has risen 25%, or roughly 40 cents per gallon, and chances are pretty good prices will continue a gradual climb through the summer months.

Currently 27 states and Washington, D.C. are reporting an average gas price above $2 per gallon, with Hawaii being the most expensive at $2.50.  Utah currently has the lowest state-wide average price at $1.79 per gallon.

It certainly isn’t unusual for the price of gas to rise around this time of year, as refineries switch to more epensive “summer blend” gas — which has extra additives to help with emissions and smog — and consumers begin to travel more.

With the economy being as sluggish as it is, it is fairly safe to say that most consumers aren’t thrilled about the prospects of paying more at the pump, especially now that more of us are watching our finances down to the penny. 

That being said, chances are pretty good that consumers won’t have to deal with an incredible spike in prices along the lines of what happened in 2008. 

As I’m sure you remember, gas prices jumped to over $4 a gallon for the first time ever last summer, so to get back to that level, using simple math, gas prices would have to double over the next couple of months.  Barring any unforseen catestrophies, even $3 gas seems pretty unlikely for most, if not all of the country.

Comments

  1. Luckily my state was a little behind the curve, we’re just barely hitting $1.99. But, that usually means we’re behind the curve when prices go down as well.

  2. Hmmm… “Daily” Fuel Economy Tip?

    Not so much…

  3. I have just read an article that is stating that the prices of fuel are going to increase even higher.

    They say it is due to the global economic downturn.

    Aparantly last Thursday the OPEC cartel voted in Vienna on Thursday to maintain output at current levels rather than increase supplies in order to bring some relief to consumers, particularly in the gas-guzzling West.

    But many Oil analysts believe OPEC’s decisions on Thursday could help push oil prices even higher.

    I just hope we can build more electric cars for the future.

  4. FRANK WILLKIE says

    I, too don’t want to see fuel prices go up and up and up.
    However, unless one had been to Europe and or London. I assure you that those People pay a-lot more, I mean that the British lb is 2x more. therefore, being about $10. according to a London Business Associate. friend. The rest of Europe prices are a-lot higher then here at home.
    For one. no thanks to Bush and Bush fans. our Transportation is totally screwed up. we have no other way, other then to Drive. at one time we had Train Service. pre-Amtrak. now we are lucky to have Amtrak Service.
    So, let us not have a complaint about Transportation when those prices are low as possible. well, we will never see 55 mph again. as it does not save enough fuel. however, we may see the current speed limit Strictly enforced for all People and their Safe sake.

Leave a Reply to Intensive Driving Courses Cancel reply

*

SEO Powered By SEOPressor