Sunday, April 10, 2011

National avg. gallon of gas jumps to $3.76



Am I the only one noticing the cost to pump gas? This is unfreakingbelievable! This was about the same price before we saw an uprising in 2008. Forget the damn budget. Fix the damn price of gas. Drill already!

(Reuters) NEW YORK, April 10 (Reuters) - The average price for a gallon of gasoline in the United States has moved closer to $4, jumping more than 19 cents since mid-March to a level less than 10 percent below its all-time high, a widely followed survey said on Sunday.

The Lundberg Survey said the national average price of self-serve, regular unleaded gas was $3.765 on Friday, up from $3.573 on March 18, and up 91.3 cents from $2.852 a year ago.

The national average would have been higher had refiners and retailers not resisted passing on rising crude oil prices as customers grow less willing to pay what it takes to fill their gas tanks, analyst Trilby Lundberg said in an interview.

Crude oil prices are higher amid unrest in Libya and elsewhere in the Middle East, as well as a weaker U.S. dollar, which on Friday fell to a 15-month low against the euro.

A falling dollar often lifts dollar-denominated commodities such as oil. This is because some investors use commodities as an inflation hedge, and consumers who use other currencies may view the commodities as cheap and buy more, driving up prices.

Even if crude prices do not change, Lundberg said pump prices could rise another dime per gallon as earlier increases work their way into the retail market.