Price Per Gallon of Gas Continues to Rise Daily
Filling up our gas tanks is increasingly becoming more painful to our wallets as the days go on. In fact,
recent surveys indicate that in the past two weeks alone the cost of gas has gone up an average of about 15 cents a gallon. That means that the average cost of a gallon of gas nationally is $3.79 for self-serve regular. See updates
here
May 4th Lundberg released these recent findings based on there biweekly studies of gas prices. The study concludes that these recent jumps are in fact a pattern that has maintained steady for the past several weeks. The previous study had shown the cost rising at about 16 cents per gallon of regular self-serve gas showing an overall consistency in the inflation of prices.
Statistics released by AAA show that the cost of gas has actually dropped in the past week. Their studies that are conducted on a day to day basis showed the average cost per gallon of gas at $3.61 as opposed to last week which was showing a record high of $3.62 per gallon.
AAA bases their findings on data collected daily from 80,000 pumps nationwide. The data they collect from these pumps is computed by the Oil Price Information Service. AAA releases their findings weekly based on these numbers.
The cost per barrel of crude oil right now is set at $117 and with the summer season approaching that probably won’t change any time soon. Although the dollar is strengthening analysts speculate that the cost of gas will continue to increase because of several mitigating factors. Analyst believe that attacks on the oil installations in Nigeria in combination with the approaching summer season will be catalysts for the continuing increases in the cost of gas.
Recent studies have shown that the cost of gas in San Francisco is the highest in the country right now at a whopping $3.95 per gallon. The lowest cost per gallon is being seen in Cheyenne, Wyoming right now where consumers are paying $3.39 per gallon. With prices nearing the $4 mark the previous prediction analyst made about consumers paying over $4 per gallon by summer is not out of the realm of possibility.
Recent figures released show that oil companies are watching their profits sky rocket. In fact, Exxon Mobil has had a 32% increase in earnings already this year. BP has seen a 38% increase in profits. The third largest oil company Conoco Philips saw an astonishing 56% increase in their profits and their earnings have reached a record high. Even more telling is the fact that Saudi Arabia is making an average of $208 million more per day since the price of crude oil began to increase back in December of 2003.
Many consumers are left scratchy their heads at why the cost of gasoline is increasing so drastically when so many oil companies are posting record high profits. However, at this point many consumers have no choice but to pay the price.