Runaway oil prices blew past $130 a barrel for the first time Wednesday and kept going, while gasoline prices persisted in their own relentless climb, rising above $3.80 a gallon. Supply worries, rising demand and a slumping dollar are conspiring to make filling up the car _ and paying for just about everything else _ a growing burden for Americans.
“[T]he prices that we’re paying at the pump today are, I think, going to be ‘the good old days,’ because others who watch this very closely forecast that we’re going to be hitting $12 and $15 per gallon,” Hirsch said. “And then, after that, when oil – world oil production goes into decline, we’re going to talk about rationing. In other words, not only are we going to be paying high prices and have considerable economic problems, but in addition to that, we’re not going to be able to get the fuel when we want it.”
Retail gas prices hit record highs for the 15th day in a row, motorist group AAA’s Web site showed Thursday.
The nationwide average for a gallon of regular unleaded rose to $3.831, up from $3.807 the previous day.
Gas prices have now risen for 16 straight days.
The AAA national average shows gas prices up about 9% from a month ago and up nearly 19% from year-ago levels.
I don’t know about you, but I didn’t get a 19% raise this year. Far from it.
I drive 45 miles each way from home to work every day, five days a week. Yesterday, leaving work, I went directly to the gas station where I paid 3.79 a gallon. Going down the road, I noticed that the signs had been changed on some gas stations, but not others, to reflect the uptick in oil prices: one Mobil station read $3.95, a Gulf across the road read $3.92, and yet another Mobil station about a mile further on read $3.85 (they must’ve been slow on the uptake, that last one!).
I really need to get a job that allows me to work from home. Gas costs are killing me. How about you? Let’s hear your horror stories in the comments.