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May 23rd, 2009

Rising Gas Prices: A Yearly Trend

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Gas prices have been increasing steadily for the last couple of weeks as we approach the inaugural weekend of the “driving season”. You don’t have to be an expert to know that the summer driving season brings more than just congested highways. While the cost of gasoline is certainly escalating, we’re far from the record-setting prices of last summer:

But while pump prices have increased nearly 17% over the last 24 days, and are likely to go even higher over the coming weeks, experts don’t foresee anything like the record levels of 2008.

“An overall increase is not abnormal for this time of year,” said Bob van der Valk, a fuel-pricing analyst with 4Refuel Inc. in Lynnwood, Wash. “It will follow a similar trend, just starting at a lower price than 2008 did.”

With the average price of gasoline at $2.39 — compared to $3.83 last year — AAA expects 27 million Americans to hit the road this holiday weekend, a 2.7% increase from 2008.

Drive safe America, and enjoy the holiday!

Also, be sure to check out the Dolan’s 12 Cheap Ways to Have Fun This Summer.

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4 Responses to “Rising Gas Prices: A Yearly Trend”

  1. Mitch Says: May 29th, 2009 at 11:57 pm

    Talk about feeling like I’m being scammed, this topic is one that just grates my nerves. Last year was bad enough, but at least the stock market was still in the 10,000’s. This year, it’s hovering around 8,400, and the price of gas is still jumping?

    In this area, it’s gone up more than 50 cents in the last month; that’s just unacceptable. Last year many oil companies recorded record profits; this just can’t be right.

    Or can it? I posted this video on a different blog last year, before I had a finance blog. It’s long, but it’s interesting, and, based on what happened, it seems it was also quite accurate: http://www.imjustsharing.com/the-truth-behind-the-oil-crisis/

  2. Tim Manni Says: June 1st, 2009 at 11:29 am

    Hey Mitch,

    Thanks for passing on that video, we’ll be sure to check it out. So you think the price of gas should be lower based on the stock market alone? Or at least not still rising right? I hear you in terms of feeling like this whole “thing” is out of our control. The price of gasoline is just one of those things where consumers are forced to bite the bullet. Like last year, if we want lower prices we’ll have to drive less. Unless prices go back up to $4, I don’t really see that happening.

    Good to hear from you,
    Tim

  3. susan r Says: June 7th, 2009 at 2:29 pm

    Isnt it something that when our gas prices drop and get better, the people on Wallstreet are pulling their hair out? Even Opec says they want to see gas prices go UP so that they can make more money. Something just does not make sense. When our gas prices dropped to $2.00 a gallon, they said the economy was not doing good at all. But when the gas prices go back up, they say the US is pulling out of the recession. Go figure?

  4. Tim Manni Says: June 8th, 2009 at 12:11 pm

    Hello Susan,

    Thanks for commenting. The reason why higher gas prices and a stronger economy go hand-in-hand is b/c when the dollar is healthy and strong it causes the price of oil to rise, then it’s a better bet for those on Wall Street.

    OPEC has long said they would like the price of oil to hover around $100 a barrel. You know, if gas prices were even more expensive than they are now it wouldn’t be too bad if the job market was more secure, people made better salaries…but as we all know that surely isn’t the case.

    Thanks,
    Tim

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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