Experts: Record Gas Prices Near Despite Recent Drop

Nationwide fuel costs surged again in the last week, the Energy Department said Tuesday, pushing prices higher than they've ever been at this time of year.

Analysts warn that gasoline prices soon will rise by as much as 20 cents a gallon -- which would put California's average at nearly $3.50. And it's not just gasoline. High oil costs are trickling through the economy, pushing up the price of food, airline flights and cruises as well as retail prices for a host of products derived from crude oil and its byproducts.

Oil had been steadily cruising toward $100 a barrel but took an unexpected U-turn Tuesday, plunging more than $3 a barrel in New York futures trading as worries mounted that the long, painful climb in energy prices had cut into consumer budgets, weakening demand and the U.S. economy.

Read entire story here.

Comments

[robinhood1]

10:35 PM on 11/14/2007

My local Chevron station was charging over $3.55 per gallon for regular today. I wouldn't be surprised to see $4 by Christmas. This station has been gouging the public for years. But its high prices gave me the idea to buy the stock, which I did several years ago. I am looking for to another dividend increase in June. As for the high gas prices? Frankly my dear, I don't give a damn. I use public transit.

[fact finder]

02:01 PM on 11/14/2007

You know what is wrong, You know what is coming, So shut up, get off your dead bottom get away from the key board and go do something constructi­ve about it.

[fourex]

11:44 AM on 11/14/2007

The horizon is already here in San Diego.

[Tom95134]

11:04 AM on 11/14/2007

A recent program documented how Spain was building multiple solar tower power systems to reduce their oil dependancy­. Yes, yes, I know they don't work at night but they sure reduce the amount of fossil fuel needed to generate power during the daytime peak hours.

It's strange to hear about other countries moving forward in areas of power generation that were pioneered in the United States. A solar tower "farm" in southern Nevada or other desert areas could generate enough power to meet the needs of the entire U.S. These solar tower systems were first tested in Southern California and can generate power at a cost comperable to natural gas. Why are we not moving in this direction?

[Tom95134]

10:53 AM on 11/14/2007

I'd buy some stock in L.L. Bean because people in the Northeast are going to have a very rough Winter because of the price of heating oil. Time to bundle up in the house and turn down the thermostat­.

Gas prices may slide a bit but it wouldn't surprise me to see $4/gal within 6 months and $5/gallon by the time we have a new president. Bush is doing everything he can to dump the mess he has made on the incoming Democratic administra­tion so the Republipig­s can gleefully jump up and down and finger point.

[MilwaukeeDan]

10:41 AM on 11/14/2007

Several days ago a saw an article where a rich oil sheik(are there poor ones?) purchased his own private, gigantic Airbus A-380(made in europe). This is how trickle down economics works, you fill your suv with sheiks gas,sheiks bank account grows and then sheik buys plane you made. Well, sort of.

[Harrier]

10:34 AM on 11/14/2007

On Capitol Hill, all the law makers openly tell you that the oil and car companies are working together to pass laws that use more energy and centralize energy sources with a push against alternativ­e energy sources. Right now the energy companies are trying as hard as possible to get Nuclear Energy going ASAP. This is because it takes a huge investment to get in the industry and that a lone would keep out the competitio­n. They have also been working on new designs and are ready to go when that time comes. By getting in early and limiting the number of allowable plants, the oil companies will again be able to virtually monopolize the energy industry and jack up the prices.

Thats the game. If alternativ­e sources of energy hit the market, the game is off. The higher the price of gas, the more people will consider Nuclear energy

[beekeeper]

10:01 AM on 11/14/2007

Record gas prices AND record OIL profits. America, you get what you elect. I hate to say it, but you don't elect anyone who will makes the necessary changes for alternativ­e energy.

[1man1voicenovote]

09:18 AM on 11/14/2007

It's as easy as BOYCOTTING CHINA, people.

Show a little solidarity­, for once.

Stop following the BULL

Through the CHINA store

Crying about what is lost

The only way is for all of us

We The People

To get out in front of the Beast

And stop it OURSELVES.

[SirReal1]

08:34 AM on 11/14/2007

"but took an unexpected U-turn Tuesday, plunging more than $3 a barrel in New York futures trading"

Unexpected­? Isn't this the "market adjusted norm" that G.W. told us would occur? We're just fine, right? The market has hit the "highest point that the consumer is willing to bear, and made its adjustment­. Now the Oil Companies know exactly how much the American consumer WILL pay to fill up their SUV and Pick-up Truck, and if we all run out and buy more economical vehicles in the next year, they'll know that they can "cut back" on production but still maintain the pricing at the pump, and we'll all just go along with it.

Win win for everyone.

Yay.

Nothing happening here folks, move along.