Gas prices continue to go up - and could be significantly higher this summer.
According to AAA, the current average price in Wilmington is $2.74 per gallon. That's up from $2.60 a month ago and $1.89 this time last year.
That's compared to $2.75 in Raleigh / $2.73 in Greensboro / $2.74 in Fayetteville and Charlotte / and $2.79 in Asheville.
Economist Don Schunk said this week that the price of gasoline could be $3.50 by Labor Day.
Officials with AAA Carolinas largely agree with that estimation.
“Regular unleaded could be $3 a gallon by June,’’ Byrnes said. “It certainly is not out of the question.”
Byrnes said the uptick in gas prices has happened as refineries close for maintenance and switch to their summer formula.
The amount of fuel is now a little lower, causing a rise in prices.
The price of crude oil has gone up to around $80, as investors become more confident in the economy.
“Investors think that demand for fuel will increase as the economy improves,” he said.
THE GEORGETOWN, SC TIMES CONTRIBUTED TO THIS STORY.
At least it's still cheaper than a gallon of water in Wilmington
At least it's still cheaper than a gallon of water in Wilmington!!
We all knew this was gonna
We all knew this was gonna happen. Before we blame those "greedy oil companies", let's look at a few things...
NC has the highest state gas tax around.
Compare it to TN, SC, or GA...What political party has had ownership of this state since Reconstruction?
The Won is pushing for the monstrous cap and tax bill which he is on record saying it will "necessarily" bankrupt the coal industry? Why would he do that when all the evidence shows that "climate change/globull warming" is the ultimate Royal Scam?? What political party is in charge in DC ??
Its just been reported that The Won has postponed and nullified all new drilling leases until 2012. Why would he do that, especially now in this depression? Again, what political party is in charge??
I haven't provided links in hopes you will all google these statements and do your own research, but feel free to blame it on Bush, Cheney, Big Oil, or whomever your local news tells you to.
Recession will regrow slow.
Gas prices higher up, Utilitie rates up, Increased Government taxes/fees. Yes. The recession will regrow. Store prices will increase, and Unempolyment will keep growing. Businesses will have to cut the cost somehow.
But...Obama promised.....
...that his very first task was going to be to break America's dependence on foreign oil!!!
He hasn't made the first step, or even a meager attempt. We are in the very same shape we were before and now gas is AGAIN expected to rise to 3.50/gal by summer. So much for the economic recovery, we're going to dump again!!!
I sure as heck hope most of America and the firstime minority voters that put this teleprompting socialist clown in office has learned a lesson!!!
But it has been quoted, "You just can't fix stupid!"
Oil Resources
I agree with CommonSense. Until we use our own resources we will remain dependant on OPEC for crude oil we are at their mercy. We do have resources in the ANWR, the Bakken and Green River Formations not to mention our coal reserves. Right now, China and others are now trying to locate the oil reserves just off our East Coast. If you don't like what's happening to gas prices, then stand-up and help make the changes (within our government) that are preventing us from using our resources.
Plain and simple, drill here
Plain and simple, drill here in the U.S. and tell opec to f off. But with obama in office thats not going to happen, thanks dems. We are screwed while hes in office, hes muslim and hes not for drilling, so pick wisely the next president. God Bless America!!!!!!
Well isn't that just great
Well isn't that just great. Right before school gets out and people go on some kind of vacation.. Please there has to be a answer to this madness.. enough is enough of it. lets just say a extra prayer for each other. hope we get out of it ..... Smile at your neighbor
Consortium of 13
I wonder which one of the Consortium of 13 needs a new Boeing 747, maybe a new palace, or a few tropical islands?? It is amazing that our economy is controlled by this consortium of 13 countries and how many barrels they decide to produce, and USA does not even have a say in it!! USA is not as powerful as everyone thinks when it comes to Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela grabbing us by the jewels while they kick back and watch us squirm...where were they with the relief efforts for the earthquake victims? USA needs to stop relying on other countries oil and products and take care of ourselves.
Unfortunately....
...the political party we handed control to believes that a key element in their plan to destroy America is to shut off all domestic drilling.
Until we can drill where we know the oil is, right here at home, we will be kissing the hineys of OPEC.
Do any of you plan for this?
I've mentioned before that the sting of a high electric bill fades when you get that dividend check every quarter from Progress Energy.
So what can you do about climbing gas prices? Invest in oil.
Right now, BP and Royal Dutch Shell pay 84 cents per share, per quarter. Plus, as profits climb, so does the stock price. Chevron also pays a respectable dividend, if you want to invest in an American company. Occidental is one of the best performers.
You can also invest in oil royalty trusts, from which you receive money every month or quarter, the amount based upon how much oil/natural gas was sold and what it sold for. Unlike stock, however, royalty trusts have no intrinsic value beyond the commodity itself. As the cost of oil rises, however, your monthly check rises too.
There are also several commodity plays available as ETFs as well.
Take the time to educate yourselves if you've never invested before. I find that those who whine and cry about gasoline and oil prices have never taken the time to see how much money they can MAKE when oil prices climb.
It sure beats collecting .5% on share savings at the credit union!
WHAT THERE FIXING TO DO IS
WHAT THERE FIXING TO DO IS DESTROY THIS COUNTRY ONCE AND FOR ALL. I BELIEVE THAT WHEN GAS GOT UP TO 5.00 DOLLARS A GALLON THAT'S WHAT PUT THIS COUNTRY IN THE FIX IT'S IN NOW. PEOPLE WERE WORKING FOR GAS TO GO TO WORK INSTEAD OF PAY BILLS. THIS WHOLE THING ABOUT THE ECONOMY RECOVERING IS FALSE WE MAY NOT BE AS BAD AS WE WERE A YEAR AGO BUT IT'S STILL ALONG WAYS FROM BEING GOOD. IF GAS GET'S THAT HIGH AGAIN THE U.S WILL SUFFER A LOT WORSE THAN IT DID THE FIRST TIME PROMISE!!!!!!!!!!!!
Shell
So...Shell oil decided to stop selling oil to Iran which leaves more oil for the rest of the world and gas prices are going up this summer? Smells funny to me.
What a bunch of BS.....
I am so tired of hearing all the excuses of why prices go up and down and up again....2 words, PRICE GAUGING and 3 words GREEDY OIL COMPANIES !!!!
GAS PRICES; noun, "the act of pissing people off on a daily basis" !!!
Greedy oil companies?
Ever see what oil companies make on gasoline sales? Less than 10% of their profit comes from gasoline.
It's all about the crude oil. When you can pump it out of the ground for $5-15 a barrel and then sell it for $80, the minute profit margin of gasoline is inconsequential....
...and since oil companies don't set the price of oil, well, that blows your "greed" theory right out of the water.
Is a corn farmer greedy when his corn sells for top dollar? Should those who own commodities GIVE them away, instead of accepting the market price?
gas
you know what im sick of paying high gas prices there is no reason for it. The oil companys are just picking and chooseing when they raise the price of gas. I know there not hurting for money. people just do what there told. its sad
big brother at it again?
STEALING FROM THE PEOPLE...GOUDGING US AGAIN. WY? TO HURT US....TO KEEP US DOWN...RAISING TAXES, AS WELL AS RAISING PRISES ON EVERY THING...WY?SOON THEY WILL BE TAXING YOU ON THE AIR YOU BREATH...HOW CAN WE PAY..IF WE CANT AFFORD TO DRIVE TO WORK?
big brother at it again?
STEALING FROM THE PEOPLE...GOUDGING US AGAIN. WY? TO HURT US....TO KEEP US DOWN...RAISING TAXES, AS WELL AS RAISING PRISES ON EVERY THING...WY?SOON THEY WILL BE TAXING YOU ON THE AIR YOU BREATH...HOW CAN WE PAY..IF WE CANT AFFORD TO DRIVE TO WORK?
So much for economic
So much for economic recovery. When it takes a day's pay to fill your gas tank, not much extra spending is going to happen. Guess folks will just have to settle for the necessities unless they enjoy a lot of credit card debt.