Saturday, October 6, 2012

Unlike Unemployment Rate, Obama Cant Fake Gas Prices

Even though the unemployment rate gave us a bogus figure, there is no way the Obama Administration can manipulate the price of gas at the pumps. The price of gas remains extremely high as the president support funding a bankrupt green technology sector.

(CNBC) Retail gasoline prices, already at the highest levels on average since July 2008, are likely to continue to climb this month as refinery and pipeline problems overshadow weakness in U.S. consumer demand.

The national average for regular unleaded is now at $3.79 a gallon, basically on par with where pump prices were last Friday.

The cash market for gasoline — which sets the price for retail gasoline prices that consumers pay — in California soared $1.15 cents in 9 days to $4.24 a gallon on Thursday.

In other states, such as Mississippi, the statewide average is $3.52. Here in New York, gasoline averages at $4.13 per gallon. California tops the list with an average of $4.49 per gallon.

Historically weak demand is the main theme for gasoline prices at the end of the year. The final three months of the year are the lowest for gasoline demand and prices come off, says CNBC contributor and trader Anthony Grisanti of GRZ Energy. "But we could be paying the highest gasoline price for the fourth quarter than we've ever paid before."