Gas Prices Climbing Toward $5 Per Gallon

CHICAGO (CBS) – At one time, $5 per gallon gas seemed like a farfetched idea, but that is no longer the case.

As CBS 2’s Roseanne Tellez reports, as of Monday, the average price for a gallon of regular unleaded gasoline in the Chicago area is $4.11, compared with $3.71 a month ago, and about $3.10 a gallon at this time a year ago.

Some experts say $5 per gallon gas is possible by Memorial Day-or sometime in summer.

Others caution that reaching that mark is unlikely over the next six weeks. In Chicago, the prices keep rising to near-record levels–with no relief in sight. Right now, oil markets are so skittish that records set in 2008 could fall.

Drivers Monday morning were practically numb to the price spikes.

“What are you going to do?” said Shannon Thompson. “We’ve become so gas-dependent in this country. There are so many SUVs. I mean, I’ve had a hybrid. It worked great. Right now, I’m just going to deal with it.”

Prices at some gas stations outside the city were still below $4, a bargain compared to the $4.29-$4.40 range at some service stations downtown.

“It’s painful,” said Lamar Magee. “You’ve got to make a decision on where you drive and where you go nowadays.” He said he is “definitely” making changes to his routines.
Magee says it will cost him about $120 to fill up the 30-gallon tank on his van.

But even that pales in comparison to the big rigs. Truck driver Mark Kanarowski says his truck holds 200 gallons.
“It’s got to be a huge expense for the company,” Kanarowski said. “I went to St. Louis over the weekend to fill up my own car, and I was paying about $4.13 a gallon. It hurts.”

A limo driver shared his thoughts as he filled up his tank at the Des Plaines Oasis.
“Normal-sized tank, big price – when you get done at the pump, it’s killing business, and a lot of one-way trips now,” he said, “like I’m going to get somebody this morning, and I’m not bringing him home. His wife will probably bring him home, because everyone’s trying to save a little bit here, a little bit there.”

The Lundberg Survey says the national average for a gallon of regular unleaded as of Monday was $3.76. That is up 19 cents since March 18, and up 91 cents since this time last year.

The sharply rising prices hearken back memories of the summer of 2008.
That year, oil prices were driven well above $100 per barrel, and in June of that year and gas prices were well over $4 a gallon. The highest average record price was $4.34 per gallon, set July 2008.

No one is eager to break that record. But with no end in sight to the turmoil in the Middle East, analysts say we’re likely to do just that – and just as holiday travelers hit the highways for Memorial Day weekend.

chicago.cbslocal.com...


It would seem that there is no end in sight, with the illegal wars ongoing, all for that precious commodity, we are all victims to the agenda.

here in the uk we are already at 8per gallon.......its insane you should feel lucky

all the best


-TokZik

And it ain't even summer yet!!!!
It may be time to purchase me and old Honda for the commutes.

@ tokzik - 8 dollars?
But at least you get free education and health care with your purchases. What is your average over there per gallon? What's the high and low over the past several years? Just curious...

peace,
spec

3.85/gallon for cheapest gas here.

reply to post by tokzik


i've been told that most of Europe has excellent mass transportation and most individuals do not have their own cars. here in the USA there is good mass transit for those living inner-city, but outside of population one needs a car to do most any errand.

Originally posted by tokzik
here in the uk we are already at 8per gallon.......its insane you should feel lucky

all the best


-TokZik

Yeah my car set me back 83 pound that would make nearly 135 dollars for a full tank on a 2.0l Diesel engine med sized hatchback in U.K.

You guys are still ok.

if you live in a city you can get by jusy fine on public transport... but for most of england you need your own transport.
an average price for unleaded here in the uk atm is £1.33
back last summer it was at £1.12

Here in Oklahoma I got the cheap stuff for $3.62. That was after passing 2 more stations that were $3.68 and $3.72....I get 25mpg in an 11 year old paid off car, and even though it's otherwise falling apart, I can't bear to think of the cost of another car payment, plus gas, plus all the other bull that goes with it. Geez. $5 a gallon...way too much

The Summers in the US are far worse per year. Not looking forward to the summer.

I did some rough math given the available information off of the AAA's Daily Fuel Gauge report. Based on this I find that $5 by Memorial Day just won't be possible at the current weekly per day rate (about 0.015 cents increase per day). By Memorial Day this puts us at a national average of $4.50. Definitely this will not be true in most states as those with higher demand usually fetch higher prices, but the overall tone of these articles has been that the average will be at or above $5.

Extending that math out to find out when $5 per gallon would occur would give a date in the second week of June. Which would make for an interesting summer indeed.

Something I just thought of that could impact this price is that the oil companies have to switch to a lighter mix during the summer. I don't know the details but this is about the time of year it happens and usually prices jump a little due to the fact refineries are shut down in order to make the changeover. Anyone know if this has happened yet?

The worse to come would be if gas prices go at $20 a gallon. That's when the real mayhem begins

reply to post by starwarsisreal


No, more like 5 dollars a gallon. I think the shizat will hit the fan if that day in fact comes...Those with escalades and hummers that spend that much will be in an outrage!

And all of the produce is trucked in from the farms and then delivered by trucks . Farm expenses are skyrocketing because of fuel prices and the fertilizer used is petroleum based . Gonna cost to drive to the grocery store and then it's gonna cost a lot more for the food/groceries .

reply to post by Whereweheaded


What you are seeing is the results of Peak Oil prices will only continue to rise because to increase output oil will need to be extracted in very hard to reach places and cost a lot of money and recources just to be able to extract it. Get used to the prices because its only gonna keep rising.

I say we all stand against Bush and his oil cronies and tax breaks.......oops we have a new President and no policies have changed and no one is saying anything? Oh yeah the whole state run media things that plants ideas in peoples heads won't allow that kind of talk now.....

Just we are one emergency away from collapse, here or Saudi Arabia take your pick. The old food programs and gov checks only go so far until people start to lose it.

tick, tick, tick.....

reply to post by Whereweheaded


Just statred to notice that traffic in my town is nowhere near as bad as it was two weeks ago. Same thing happened a couple of years ago....there was hardly anyone driving then. I also heard that gas stations are beginning to order less since demand has decreased. Less driving...less shopping. Economy will start to tank. Jobs will be lost and Obama will be smiling saying nothings wrong. This is what he wants. Him and his fat cat friends that own stock in their Green technology. How this guy got to president is mind blowing to me! A Walmart manager, McDonalds Manger....They have more experience running a business than he does. He couldn't run a Mini-mart. Washington needs an Enema! Dem's and Republicans They all need to go! And they all should be held accountable for what they have done, Even past adiminstrations. Continue to vote incumbants out of office! It's all we can do to get our point across.

Here in NY.. it suppose to skyrocket to 7 bucks a gallon.

Unlike other countries Americans will just bend over and take it like the compliant citizens we are.
Its so sad what we have become.

Originally posted by Aliensdoexist
reply to post by Whereweheaded

 

What you are seeing is the results of Peak Oil prices will only continue to rise because to increase output oil will need to be extracted in very hard to reach places and cost a lot of money and recources just to be able to extract it. Get used to the prices because its only gonna keep rising.

Actually, studying the information available, there are a number of resources available right here in the US. Currently there are 64 " capped " oil locations that have not been tapped into in the US. Also, the reserves in Alaska have been documented and proven to have mass quantities of oil reserves as well. ( I would post evidence but Im at work and unable to d/load or transfer from my personal pc to this pc, against policy)

reply to post by Whereweheaded


Well yeah there is oil everywhere but finding it and getting it are two different things plus there is different grades, many factors are involved, there is a ton of oil in the oceans but its extremely tough to get to not to mention how much resources are used and needed to build an oil rig and towing it into place heck your first 4-5 years of producing oil wouldn't be for profit it would be to pay debts used to build all the equipment to be able to get that oil. Also if something were to go wrong, we all witnessed the BP Gulf incident. Not many investors would fund the hundreds of millions of dollars needed to produce all the equipment and pay for operating costs to be able to make a profit years down the road, there is too many what if factors where the risks outweight the reward.