Gas Price News

Another fun look at the news, without the distorting effects of the US Dollar. For context, be sure to check out the charts on crude oil and gasoline.

From a March 11, 2008 story in the Associated Press:

As originally stated in dollars:

Gas Prices Rise to New National Record

NEW YORK (AP) – The cost of filling up the family car climbed to a record high Tuesday, adding to the challenges consumers already face with falling home values and rising food prices.

Gas prices at the pump rose overnight to a record national average of $3.2272 a gallon, according to AAA and the Oil Price Information Service. That's a tad higher than the previous record of $3.2265, set last May.

On Tuesday, light sweet crude for April delivery surged to a new trading record of $109.72 on the New York Mercantile Exchange before retreating after the Energy Department and International Energy Agency cut crude consumption forecasts for this year. Futures settled 85 cents higher at $108.75 a barrel, a new record.

Where gas and oil go from here is anybody's guess. Many analysts expect prices to moderate, while others predict oil could keep rising to $120 a barrel, or higher. And with demand for gas expected to rise as warm weather arrives, analysts say pump prices could spike as high as $3.75 a gallon, regardless of what happens with oil prices. The Energy Department on Tuesday raised its forecast of how high prices will rise this spring by a dime to $3.50 a gallon.

Restated in gold:

Gas Prices Rise, but Remain Among the Lowest in the Last Decade

NEW YORK (AP/PricedInGold) – The cost of filling up the family car rose slightly Tuesday, but not enough to add to the challenges consumers already face with falling home values and collapsing stock portfolios. In fact, falling food prices and the lowest gasoline prices since 1996 are among the brightest spots in the consumer's financial picture.

Gas prices at the pump rose overnight to a national average of 103.6 mg of gold per gallon, according to AAA and the Oil Price Information Service. That's less than half of the recent high of 217.4 mg, set back in September of 2005.

On Tuesday, light sweet crude for April delivery rose to 3.518 gold grams on the New York Mercantile Exchange before retreating after the Energy Department and International Energy Agency cut crude consumption forecasts for this year. Futures settled 25 mg higher at 3.487 a barrel, about 5% below their price at the beginning of the year.

Where gas and oil go from here is anybody's guess. Many analysts expect prices to fall, possibly retesting 2007 lows around 2.5 grams, while others predict oil could keep rising to retest the 2007 highs of 3.85 grams a barrel, or higher. Even with demand for gas expected to rise as warm weather arrives, analysts say pump prices are unlikely to rise above 125 mg a gallon and more likely to drop below the 100 mg level, regardless of what happens with oil prices. The Energy Department on Tuesday raised its forecast of how high prices will rise this spring to 112.3 mg a gallon.

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