National average price of gas tops $4 a gallon for first time in over a decade

[Yo_Mama_Been_Loggin]

Source: USA Today

The national average price for gas has topped $4 a gallon for the first time in over a decade as gas costs continue to soar in the wake of Russia's invasion of Ukraine.

As of Sunday afternoon, the national average of a regular gallon of gas is $4.009, according to the American Automobile Association. That's up 8 cents from Saturday and up 40 cents from last week. The national average also comes a day earlier than what analysts expected.

The national record average for is $4.11 on July 17, 2008, according to AAA. However, Patrick De Haan, head of petroleum analysis at fuel-savings app GasBuddy, said in a tweet on Sunday the national average could reach up to $4.10 by Tuesday, adding to the possibility the all-time record is broken by the end of the week.

GasBuddy's 2022 gasoline forecast predicts the average price of gas will reach $4.25 by May, and it will remain over $4 likely until November.



Read more: https://www.msn.com/en-us/money/markets/national-average-price-of-gas-tops-dollar4-a-gallon-for-first-time-in-over-a-decade/ar-AAUH8Bt

[Groundhawg]

1. Something has got to give. I cannot afford these prices.

[Warpy]

8. Nobody can, not long term

because we don't have mass transit in most of the US, the oil,car, rubber and other mega corporations all conspired to destroy it in order to force us to buy cars. Now we're fucked.

Current petrol price in the UK is averaging 146/liter. Translating that into dollars, that's about ten bucks for a little over a gallon. As bad as things will get here, they will be far worse there---except they didn't destroy their mass transit. Mass transit will be crowded, but at least it's there.

So many things that used to exist for the common good have been destroyed and shoved onto the backs of individuals. Yes, I am absolutely furious over what conservatives owned by rich men have done to us and this country.

[underpants]

2. Not good (political) everyone sees it everyday and it becomes water cooler talk

I don’t know what can be done other than oil companies increasing production but they aren’t going to do that.

[oldsoftie]

5. But why not? And can the DPA be used to force them?

[underpants]

6. Price freezing would not go over with several elements

Wall Street
Wall Street donors
Other donors
Etc.

[Groundhawg]

15. I'm not an expert, but I think price freezing on a global commodity would be illegal

Oil is traded in US dollars around the world.

[oldsoftie]

20. Not for price freezing, forcing them to produce more.

Like we did for ventilators & such during the beginnings of Covid
I mean, this IS a national security issue

[MichMan]

21. Tell oil company CEO to increase production 25% or face jail time

[oldsoftie]

22. As long as we KNOW that it CAN be increased by 25%.

I don't. And I don't know how to find that out. I'm sure the Administration does. But it needs to be talked about daily. Because people WILL blame Biden for $5 gas. So they need to be out front telling people WHY its so high and what they plan to do. Releasing from the SPR is silly because the amounts are only a few days worth of oil.
And pressure needs to be put on OPEC too. THEY definitely can increase production.

[pnwmom]

30. Someone on MSNBC was talking about all the unused oil and gas leases in the US.

They could be producing significantly more.

[oldsoftie]

33. But a new well takes a long time to actually produce anything.

I'd like to know about wells that were closed during covid. I also know they can't just be "turned on" like a fuel pump, but they can be brought back online far quicker. So how many of those are still sitting dormant? We need to use the DPA if its applicable. And make it public if they're sitting on available current production capacity

[Magoo48]

10. Pure corporate greed rather than any kind of shortage.

A false supply shortage is further grounds for demanding more drilling leases. But, like our always on point press secretary pointed out, there are already 6,000 undeveloped parcels out now.

[underpants]

11. Oh I know.

But that’s an extra step of basic knowledge that people don’t have time for.

[Magoo48]

12. Yup.

[oldsoftie]

18. You have proof that our supplies are the same as pre-pandemic?

Or are you just saying that? The blame lies with Putin. But if our oil producers aren't putting out what they COULD then thats a different story. But I want proof not just here-say. Plus, what about OPEC?
And you do understand that getting a lease and making it produce can take years?

[Magoo48]

41. What I'm reading is that the fear of shortages is what's driving up prices.

The fears evolve from oil industry analysis and speculation about potential shortages.

Historically, fear drives up prices. Capitalism never lets a crisis go to waste.

https://finance.yahoo.com/news/brent-oil-soars-above-135-230509159.html

[oldsoftie]

3. the Saudis/OPEC NEED to be pressured to announce a huge output increase. NOW

And domestically our companies need to be asked if they're doing everything possible to increase local production. If not, WHY not.

[abqtommy]

4. I checked our gas prices here in and near Albuquerque this morning and there's still

one location selling for $3.28 a gallon but all other prices are at $3.50 and above. I
sure hope this profiteering gets settled soon!

[lapfog_1]

7. A gallon of gas cost $1.19 in 1980

but inflation since 1980 means that a $1 in 1980 is worth (has the buying power) of $3.40 today.

So... 1.19 X 3.40 = $4.05

Inflation adjusted, average gallon of gasoline today (at just over $4/gal) is the same price we were paying 42 years ago.

What hasn't kept up with inflation is wages.

[oldsoftie]

19. THIS needs to be said on the news by everyone in the administration.

[MichMan]

27. I'm sure people today will feel comfort that it now cost less than in 1980

A lot of them weren't even born yet.

[peppertree]

23. History repeating itself?

Big business - especially the energy sector - adding to the inflation problem as usual.

[moose65]

24. Yes!

And that record 4.11 in 2008 would be well over $5 now. If I recall correctly, it would be something like $5.35 in today’s dollars. As bad as it is, we are still way below that price.

[raccoon]

40. Good point, and 4.00 in 2008 would be equivalent to how much today? Nt

[AlexSFCA]

9. We and EU need to be prepared to pay much more because Embargo on russian oil is a MUST

Can we finally get that oil from Iraq?

[PortTack]

13. Come on now...America is not the only country having to deal with high gas prices.

This is a fight for freedom around the world!

We all have to step up. I’m not rich or necessarily well healed, but I will pay and not complain. i will also just drive less, walk or bicycle..or take the bus.

[kabelad]

14. That's...

That’s not an option for everyone. I live in rural Colorado, so walking or the bus isn’t an option, and I could bike, but snow and ice and bikes don’t mix too well. I heard on the radio the other day someone said it wouldn’t affect the poor because they use public transportation, and the rich driving their cars can afford it. and to add the people that can’t afford expensive gas certainly can’t afford an electric car. I hope something gives soon, because this is gonna hurt a lot of people that are already suffering.

[PortTack]

17. Of course it isn't ..for those that have the option they should

[Blues Heron]

25. I saw some used electrics for the same as gas

Have you looked lately? Not that huge of a difference on carmax. Got to buy used though.

[NickB79]

16. Food prices will rise as well

Semi trucks burn a lot of diesel moving groceries.

That's on top of the coming food shortages from fertilizer shortages, drought in the US, flooding in Australia,sanctions on Russia and war in Ukraine.

[SKKY]

26. OPEC could solve this issue if they wanted to...

...The 13 countries, between all of them (A couple of the African countries might struggle a bit though.) could cover the loss of Russian oil. It's not in their benefit to do so because they're making a huge profit right now.

[IronLionZion]

29. Ironically the smaller poorer oil countries benefit more from high prices

and believe it or not, America is the world's largest oil producer and American companies benefit.

I don't like it, but that's the reality. Saudi Arabia boosted supply in 2014 to punish the American oil industry and brought down prices so badly it screwed Venezuela, Russia, Nigeria, and several other countries who need prices to stay high.

[SKKY]

34. They need to do it again. Or, we can end the Trump embargo against Venezuela...

...and start importing from them as well. Either way, 4 dollars a gallon is not sustainable for any real duration.

[Calista241]

36. The type of oil produced in Venezuela isn't the best for cars and transportation.

It’d be better than have the Saudis step on more production.

[IronLionZion]

28. A trucker convoy will solve this problem

[quakerboy]

31. I think we are taking the wrong line on this.

The president should lead us forward on this, asking americans to step up. Its gonna hurt, there is no way that raising gas prices doesnt sting. But this is a thing we need to do for the good of the world. The world is in a war, even if right now its only an economic one, and this is the time to pull together and make it happen. Ask us to step up and sacrifice for the greater good. Trust Americans to be better.

And in the background we on the left should be taking every possible opportunity to point out that if republicans hadnt ripped carters solar panels down and fought fuel efficiency and every other possible bit of progress... We could be in a country where this didnt matter anymore, today, now. And that everyone who bought a giant truck these past 20 years so they could roll coal has literally been paying for the army that Putin sent to kill Ukraine. Time to park it.

[oldsoftie]

35. Thats not gonna work. $5-6+ a gallon requires solutions not "shoulda"

People want to hear what being done NOW to fix the problem. And if we ignore that its going to cost at the polls

[quakerboy]

42. gas going up requires a sacrifice and a change

Level with Americans. Its gonna hurt, and its unavoidable. Either you sound apologetic and dither about with minor fixes, all of which still result in gas going up and a failure to "fix" the unfixable, or you level with people, make it a national effort, and spend your time on big solutions.

[Shanti Shanti Shanti]

32. Looking for $8 a gallon next month? Filled up my mower and gen gas supply at $2.40, Stabil works

[CountAllVotes]

37. $5.78 a gallon

NW California.

Fun fun fun fun fun ...

Not.

The line at Costo was a block long. It wasn't worth hanging around for an hour to save about $3.00. I have a credit card that gives you 5% on all gasoline purchases so I used that. Saved me ~$2.50 on the nine gallons+ I needed to fill up my old Honda.

[XiJung]

38. Well, better get a bus schedule n/t

[orangecrush]

39. This really sucks

EOM

[jgmiller]

43. It's price gouging

The price of oil has gone up over the last two weeks without a doubt. However the gas that we are putting in our tanks was made with oil that was purchased months ago. Remember oil prices are based on contracts for future deliveries which means the current contract price is for oil that's being delivered months from now. Oil companies do this all the time with prices, they rely on the average person having no clue how this works and the news media reporting the price of oil going up so naturallyt hey assume the price of gas moves in lock step so they make it so. In the meantime they are making tons of additional profit with no movement in cost.