Tuesday, November 3, 2009

Escalating Gasoline Prices: Increases Being Under-Reported?


For the month of October, I was shocked to see gasoline prices in my area skyrocket 60 cents a gallon ... and, oddly, no one was complaining about it.  Not a peep.  Remember last year when gas prices were out of control, with my paying about $4 per gallon at the end of summer 2008?  Where is the outcry now about gas prices making such gargantuan leaps in only three weeks' time?  It is as if these insane increases are going unnoticed ... and under-reported by the MSM.

Here's a news story from the AP I read today (emphasis added):

Oil prices rise as Fed meets on interest rates


Oil prices rose Tuesday as the Federal Reserve began a two-day policy meeting on interest rates.
Since oil is largely bought and sold in dollars, investors holding stronger currencies can buy more crude for less and have done so in recent months, sending the price of benchmark crude above $80 near the end of October.

Though the central bank isn't expected to take any action on interest rates, statements issued after such meetings can hint at the Fed's take on the state of the economy.

"Oil is still being controlled by larger macroeconomic forces and not just demand and demand expectations," said PFGBest analyst Phil Flynn. "The main concern is still all about what the Federal Reserve might do."

Crude has been plentiful because the global economic slowdown has crimped demand, particularly in the United States.

Most analysts believe crude supplies in the U.S. grew again last week and on Wednesday, the Energy Department will release its weekly supply and demand figures for oil and gasoline.
...
The average price for a gallon of regular gasoline fell a half penny overnight to $2.686, according to auto club AAA, Wright Express and Oil Price Information Service. That's 22.5 cents more than a month ago, and 27.1 cents more than gas cost at this time last year.
...
Where are the 60 cents more I was paying in late October compared to the start of October?!?  To assure myself that I wasn't suffering from a faulty memory, I went and pulled my sales receipts from my car.  Sure enough, here is what I paid last month:

10/04 -- $2.089
10/18 -- $2.459
10/24 -- $2.699

When we were under the Bush administration, it was the mantra of the day to accuse Bush and Cheney to be profitting off of us poor folks, with the GOP -- or "Good Oil Party", as my MoveOn.org-supporting colleague sports at her desk -- rolling in dough.  But, it seems now with the Democrats in control and Dear Leader at the helm, no one is accusing this administration of price gouging and ripping off Americans.

Anyone else out there notice this?

0 comments: