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Gas Prices Still Going Up, But Expected To Drop By Summer
May 8, 2011
As a gallon of regular unleaded gas moves dangerously close to $4 a gallon in the North Escambia area, some analysts are predicting a little relief will arrive by June with a total price drop around 50 cents a gallon.
Crude oil tumbled about 15 percent in the last week, but gas prices did not follow. The average price of a gallon of standard-grade gasoline in Escambia County was $3.91 on Saturday — slightly better than the statewide average of $3.93. That’s an increase of 22 cents per a gallon from the month-ago price of $3.71, according to the daily price survey published by AAA. The same gallon of gas was $2.89 at this time last year.
The current national retail average price for a gallon of self-serve regular gasoline is $3.95. This is up nine cents from a week ago, 32 cents from a month ago and $1.07 from a year ago. In the last week, seven states have seen their average price rise to $4 or more for a gallon of regular gasoline, bringing the total to 13 states plus the District of Columbia at or above the $4 mark.
Pictured: A gallon of regular unleaded was $3.89 Saturday at the Tom Thumb in Molino. NorthEscambia.com photo, click to enlarge.
Comments
8 Responses to “Gas Prices Still Going Up, But Expected To Drop By Summer”
All about politics, supply and demand. More to do with politics than anything. We have the supply for sure so there has been a lot of profitering and getting the general public use to the idea of higher gas prices. This problem can be solved in many different ways. One of which is reinvesting in our refinery systems. No one wants it in their back yard but evryone wants the product. Some of these military bases that have been closed down could serve as good places for refineries. Government owned land and would not have to go thru the normal process of getting the plants built. The other is alternative energy. Whe are investing in it currently but we have to make a long term stragety on it what ever it is going to be.. And last but not least we have to hold our professional politicians accountable for what we are demanding as tax payers. They seem to forget who is funding all of these things including their pay checks that they can so easily vote themselves a pay raise on. Just saying it’s time to put a little pressure where it belongs and a lot of thought into which is what is needed in this beautiful country we have.
avoid flomaton, talk about ripping people off.
I live in Arab Alabama and ours has been going down all last week every day. Today it is down to $3.54…….Maybe I’ll bring some gas with me when I come in next week, LOL
I’m with “TomTom” on this one …. I’ll believe it when I see it.
I have to see it with my own eyes first !!!
Most “Big Oil Companys”, Exxon,Chevron, Shell, ect. make LESS money when the price of crude oil is up, as it is now. Its because the oil companys buy most of there oil, refine it into gas or diesel and sell it. Exxon only produces about 10 percent of there oil. They buy the rest and refine it into something we can use.
Its like a farmer buying seed. When seed and fertilizer cost are high, the farmer has to raise the cost of what he produces to achive the same profit margin. Big oil companys average a 10 percent profit.
A barrel of oil is 42 gallons, not 55 gallons. after refining, there is about 11 gallons of gasoline derived from a barrel of oil. The rest is used for grease, kerosene, and asphalt.
The reason they are making billions is because of the demand from China and India. They are selling more, not that they are jacking up the price.
I am not defending the oil companies, it is just simple economics.
And by the way, the local, state, and federal goverment gets about 59 cent a gallon in taxes also.
Oil is no diffrent than Tobacco, Soybeans, Peanuts, Sugar, Corn or Cotton. Its all about supply and demand. OPEC, {the camel jockys} in the middle east, control production of oil, just like our Goverment regulates what a farmer can plant, to keep prices up.
Corn is being used as a a base to make ethanol at 1 gallon to every 10 gallons of gas we use, 10 percent. Corn is also what our cows and chickens eat, that we eat. So we pay more because of corn being used as fuel instead of feed.
Its supply and demand folks, and as long as other places such as China and India are growing as the US did years ago, the price of oil will continue to climb.
we can all save some money on gas and stay local and spend our money in the community. There was plenty to do and see this weekend between MayFest and SawMill Day. the weather was wonderful and lots of people came out to participate in the activities. It was a good time for all.