Gas Prices Hit $4 Mark, Nearing All-Time High

Posted May 9th 2011 08:30 AMUpdated May 9th 2011 08:33 AM

TEXT SIZE:

AAA
gas prices hit $4 mark

Associated Press

It looks like the nation's drivers are going to be feeling more pressure at the pump. According to a survey published Sunday, the average price of gas in the United States has hit $4.

According to the nationwide Lundberg Survey, the national average for self-serve, regular unleaded gas was $4 per gallon on May 6. That's 11.98 cents more than on April 22, reports Reuters.

If this all sounds like deja vu, it's because we've already heard similarly discouraging news back in April when gas hit $3.84 a gallon.

The most expensive gas in the nation can be found in Chicago, at $4.50 per gallon for regular unleaded. Folks in Tucson have it easier, gas there is the cheapest at only $3.62.

But, prices have yet to surpass the all-time high of $4.11 set on July, 11 2008. And, we might not get there.

"We may see a drop of a dime or more before Memorial Day," Trilby Lundberg, the survey's publisher, told CNN.

Evidence of a price drop can be seen in the wholesale market where prices are already down – 21 cents per gallon for unbranded gasoline and 14 cents per gallon for branded gas.

There are factors at play, however, that could push prices back up. Demand in developing countries as well as the weakening U.S. dollar have caused crude oil prices to rise. Also, the loss of production out of Libya has played a part in increasing prices.

Those who plan to drive to their Memorial Day destinations might want to reconsider.
Will gas prices affect your Memorial Day plans?
Absolutely. I can't afford gas!74 (82.2%)
Not at all. I'm going no matter what!16 (17.8%)


More Articles You Might Like
Filed Under: News

Add a Comment

*0 / 3000 Character Maximum

4 Comments

Filter by:
dinkray1

Big Oil Price Gouging
Alert: All Citizens Of The United States. The American public is being gouged by Big Oil and the reason they are able to do this is because they have no competition. These little web sites that TV stations put up to immediately lead you to the cheapest price in town is the joke of the century. The cheapest price you might be able to find is only a few cents less than all other gas stations. I know Big Oil does not price fix. How do I know they don’t price fix, because they say they don’t (Ha Ha Ha). What I don’t understand is that when the prices at one oil company go up, somehow mysteriously all the other oil companies prices go up at the same time, I can’t explain it, I suppose it must be magic. The only way to bring down the price of gasoline is to create competition and the only way to do this is look at the whole ball game from a different perspective. As American Citizens, we own all federal land and there is enough petroleum on these lands to provide America with gasoline for the next three centuries (and we the Citizens of the United States own the oil on that federal land). All the territorial waters of the United States are owned by the American Citizens and this includes the oil rich gulf (and the oil in these territories). America is in great debt right now and a lot of our jobs have gone overseas and the merciless Big Oil companies are setting there like vultures and increasing the price at the pump every day. It seems our politicians are afraid of Big Oil and are very reluctant to force them to drop the price. I don’t understand this because we elected them to represent the Citizens of the United States, but it seems they are more interested in representing and protecting Big Oil. I know these are honorable people and they wouldn’t take any favors from Big Oil in exchange for their reluctance to pounce on them (Ha Ha Ha). Oh they will put up a show from time to time and claim to be investigating Big Oil for price fixing and the price of gasoline may drop a few cents at a time maybe even a half dollar and then the politicians strut around as if they have really restrained “Big Oil” (Ha Ha Ha). The answer to price gouging lies within the officials which will be elected by the Tea Party, Democrats and Republicans. We need candidates whom are not bought and paid for by Big Oil and Really have best interest of the Citizens of the United States in mind. The solution to Big Oil price gouging is competition which they currently do not have. Since the Citizens of the United States already own the oil in the territorial waters of the gulf and on federal lands, it is time for the United States government to come to the call of the people which are by the way its bosses. It is time to drill in territorial waters of the gulf and on government lands and use this oil to put gasoline stations owned by the Citizens of the United States in each town which will offer petroleum at much lower rates and give the Big Oil monopoly the competition they do not currently have. This revenue will also be used to pay off the United States debt. Send this to message every Tea Party, Democrat and Republican Candidate hoping to get elected in your district. Also send it to every friend, family member and acquaintance you know. Even-though it probably won’t do any good also send it to your current honorable congressman and senators.

Tired of being robbed at the gas pump!!!!

PS: Tell them we want to drill on Federal Lands and in Territorial Waters of the United States which is owned by the Citizens Of The United States. We want Citizen Owned petroleum and gas stations in each town and we want them Now!!!

May 16 2011 at 1:27 PM Report abuse rate up rate down Reply
drkris33

EXTRA! EXTRA! Read all about it....

SPECULATORS WIN! Main street loses.
SPECULATORS WIN! Main street loses.

May 10 2011 at 11:01 AM Report abuse rate up rate down Reply
Mark Goldes

Biodiesel is now projected at $20/barrel.

See Moving Beyond Oil at www.aesopinstitute.org

This might bust the oil price bubble and lead to much cheaper gasoline!

May 09 2011 at 10:52 AM Report abuse rate up rate down Reply
eam4375

What I find so absurd about gas taxes is that they get away with it. As @oggiedoggie noted gas is actually selling at a much more reasonable $110 per barrel. However, in NC the state tax is a whopping $.48 per gallon. Once you add on the fed tax of @ $.26 you are paying close to $.75 a gallon in taxes. That doesn't include any county or city taxes. When the tax was created in the 30's the intention was not to gouge our pockets (ok, maybe a little bit), however the 1 cent tax became 1.5, then back to 1 and the rest is history.

May 09 2011 at 10:08 AM Report abuse rate up rate down Reply
Oggiedoggie

When gasoline hit a then historical high of around $4.00/gal in the summer of 2008, oil was selling for $147 per barrel. Currently gas in my area equals that 2008 high BUT, and what no one is commenting on anywhere I can find, is that oil is selling today for $110 per barrel----25% LESS than in 2008. And all the forces exerting upward pressure on prices today(refinery snafus, inventories, summer driving/blends, demand from China, a weak dollar, etc.) were in play back in July of 2008. I can find no satisfactory explanation why gas is back at a historical high when oil is much cheaper than in 2008. Nor have my two senators from Ohio or my U.S. HOuse Rep (John Boehner) offered anything but boilerplate responses (drill baby drill, etc.).

May 09 2011 at 9:19 AM Report abuse rate up rate down Reply

Don't Miss

Fotosearch

Take in the sights of autumn across the country.

Hit The Road
Corbis

Tales of learning to expect the unexpected.

Change Your View
Getty Images

Unexpected encounters and wildlife tours.

Cows, Sharks, Monkeys & More

Travel Careers

amtrak train conductor

See the world and interact with people from different cultures.

flight attendant plane interior

It's as crazy as you think.