Gas Prices On The Rise Again

[Ming]

Gas prices on the rise again
BY TOM INCANTALUPO
Newsday.com
January 5, 2006

Gasoline prices are rising again, though the summer driving season is long past and the holidays are over. Meanwhile, heating oil is holding steady despite the arrival of winter.

Regular unleaded gasoline has risen by an average of almost 14 cents a gallon to an average of $2.46 a gallon on Long Island in the past month, according to a survey yesterday by the American Automobile Association. That's about 48 cents above the average a year earlier, the group said.

Heating oil averaged $2.66 on Long Island as of Monday, according to the weekly survey by the state Energy Research and Development Authority. The average has been virtually unchanged since late November and represents a decline of almost 18 cents from the record high recorded Oct. 3, although it was still about 48 cents a gallon higher than a year earlier.

Bill O'Grady, director of Futures Research, Energy, Debt and Currencies at the brokerage A.G. Edwards & Sons in St. Louis, said the rise in gasoline prices at what is normally a time of seasonally low demand is a market correction; prices had fallen below what was justified by the price of the crude oil, he said.

That had resulted from the chaotic conditions after Hurricane Katrina. Refiners responded to shortages and soaring prices by producing more gasoline, while imports of gasoline increased and drivers used less.

"Over the past few weeks, we saw a reversal of that," O'Grady said. "Refiners skewed more of their production toward heating oil and away from gasoline, just as demand for gasoline was starting to pick up because prices were low." He believes gasoline prices could rise further before leveling off.

Article Source: http://www.newsday.com/business/ny-b...ness-headlines

[asim]

Whoo! Oh crap...this isn't stock prices...it's gas! Ahh...I was "kinda" enjoying gas at around $2.15.

[460ford]

I was enjoying gas at about 1.90 then they started being ****************************s again.

[MrMax]

****!!!!!!!!!!!!!!!!!

[56 Starchief]

remember when it was .99 back, oh say 1998?

[Cortazzo]

Yeah, when i got my license gas was 99 cents for regular, good things because I drove an old towncar at the time. Gas is 2.15 right now, i would be happy if it could level off below $2. Either way, once I can afford a new vehicle it will be more fuel efficient than my Jimmy is now.

[Buick61]

On Saturday, I spent $2.53/gal. for regular on Long Island.

[Gm786]

Doesn't sound good!!! My brother always complains about how expensive gas prices are. That being he has a van. A Chevy Lumina APV. I'm getting sick of seeing all the expensive prices of gas!

[Gm786]

I remember when I use to pay 15 dollars or maybe less to fill up my parents car's gas tank which is a 1992 Toyota Corolla sedan.

[tom3]

Went up .30 all over today. Was some varied pricing in the last couple weeks but every station I've seen for 40 miles is at 2.49 a gal.

[SweetHemi1]

Uh-oh. Just when GM's new SUV are coming out...

[Xeper]

Originally Posted by SweetHemi1

Uh-oh. Just when GM's new SUV are coming out...

True. Although this could be a perfect time where AFM proves itself.

[Mikkoo]

Originally Posted by 56 Starchief

remember when it was .99 back, oh say 1998?

I remember filling up my 69 Mustang for .27 per gallon. That's when a one buck really got you somewhere.
Anyhow, consumers went back to there old habits recently. Gas prices long-term are not likely to sustain levels that will excite large SUV owners. Sadly were all going to have to look at conserving and cutting back on our usage of petroleum.

[yassir(snowman)]

dam it.

[GM_Guy81]

whats the oil companies excuse this time. There hasnt been a hurricane to allow them a veil to artificially overinflate gas prices to gouge consumers and lead them to record profits.