Gasoline prices continue three-week rise

Rising gasoline prices don’t seem to be slowing down any time soon.

Gasoline prices have risen daily for more than three straight weeks, and they continued to rise today. The national average grew by a penny to $3.74-a-gallon today, marking a 30 cent rise over the past month.

In Houston, prices at the pump remained steady at $3.55, but they are more than 6 cents higher than last week. Over the past month, Houston drivers have seen a rise of 17 cents at the pump.

Analysts have warned gasoline prices could reach the $4-mark by Memorial Day as tensions with Iran and three northeast refineries keep crude oil prices high.

Republicans have used the rising pump prices as an opportunity to attack President Barack Obama’s energy policy that they claim have spurred higher prices at the pump for consumers.

Texas Senator John Cornyn, R-Texas, and 31 Republicans senators outlined steps Wednesday they said Obama could take to lower gasoline prices. The senators called for Obama to approve the Keystone XL pipeline, eliminate regulations on refineries and to end what they call a “permatorium” in the Gulf and outer continental shelf.

“All of these actions are within your administration’s purview, and would signal to markets that America is serious about reducing its vulnerability to geopolitical oil shocks around the world,” the senators wrote. “The actions you take will help determine how long our pain at the pump continues.”

Republicans have pleaded with the Obama administration to approve the Keystone XL pipeline that GOP leaders claim will create thousands of jobs, reduce the burden on crude oil from the Middle East and reduce prices at the pump.

However, analysts have had mixed opinions about the impact of the Keystone XL pipeline on gasoline prices.

According to a Bloomberg News story, gasoline prices could rise by as much as 20 cents a gallon in the Midwest, Great Plains and Rocky Mountains if the Keystone XL pipeline were approved.

Tom Kloza, the chief analyst for Oil Price Information Service, said the Keystone XL pipeline could lower prices for those in the Gulf area.

“It may lead to lower prices,” he said.

14 Comments

  1. Govchance

    If you like these high gas prices keeping voting for the democrats. It is their stated goal to keep the prices high so we will all ride the bus, the train, carpool or buy their little electric vehicles.

    #1
  2. tboy in houston

    Sen. Cornyn knows better but uses gas prices as a political tool. What would oil sent to China do to our gas prices? Oil flowing through that pipeline is not destined for the US market.

    #2
  3. SPENDMONEY

    Highest gas prices: car rentals

    #3
  4. Alex

    Tree Fiddy?

    #4
  5. jarded

    I don’t understand why people are attributing rising gas prices to the government. They don’t control the price.

    Let’s back up and look at economics 101. Oil is a commodity. What drives the price? Supply and demand.

    Demand: Gas prices have been cyclical in that gas is cheaper in the winter time and more expensive in the summer time for decades. It’s always been this way. Of course gas prices are going to rise after the winter, there is higher demand. Also populations continue to grow, here in the US and abroad. China’s population has been exploding as well as their demand for oil. Higher demand will command a higher price.

    Supply: most of the oil supply comes from abroad. The middle east is very unstable, we’ve seen numerous revolutions over there, political turmoil, uncertainty around Iraq…oh and OPEC runs production over there, so there is a cartel in play as well. And let’s not forget all of our favorite wall street bankers and corporations who gamble on futures and forwards and other commodity derivatives.

    If you think the president or congress have more influence over the price of gasoline than the above factors, you are kidding yourself and just trying to find yet another reason to hate someone.

    #5
  6. itsmetres

    The supply is up the demand is down yet the prices are thru the roof. Thank you govt for regulating everything except speculators. Its very simple, you make someone prove they can take possession of said traded oil immediatly or they cant buy into the market at massive amounts to drive prices.

    #6
  7. SaltWaterCroc

    Hey Govchance – in Bush’s last year in office (remember when oil was $147 a barrel?), the US imported 57% of it’s oil. Now, that number is down to 47%. Looks good to me. Of course, Bush’s recession did drive down the number of people driving, but we are still on the right trajectory.

    #7
  8. txloanguy

    Salt – always twisting facts. Consumption is down. Private land exploration is up. Obama wants high gas prices, Chu admitted it. And there is plenty to be done to get gas down, but Obama won’t do it. High electric bills and power outages? EPA rules and attacks on coal plants. High gas? No offshore exploration as Obama denied the offshore leases Bush approved and then shut the Gulf. If we pump 30% more, the new supply will drive down prices. And does everybody forget Supply and Demand? Unless Obama wants us to buy the Volt which costs 3 times more to run than a gas car?

    #8
  9. steve

    here it is, an more on the way! NOMOBAMA! see ya at the polls! if you cant afford to drive there? gimme a call, already saving my socialism, left-over pennies to fill the tank that day. cuz after this vote? if radical democratic islam wins?
    it will be all about filling your tank with green? how far can you get with that? wont matter, no job to drive to, no money to get stuff at the store.
    just lots of green time to walk everywhere you ever wanted to go, call it wellness? while searching for food an resources for your family, that no longer exist? bummer? OBAMABUMMER! food for thought all, while you can afford food? vote for last rebublican standing, push im through. business sense back into american. then we can begin fixing this atrocity, one lib, hippie dem at a time, even those who hate america, for whatever reasons? OOPS, islam demos! thanx all! this is fun, but serious, sucks,HUH!

    #9
  10. Peter

    tboy, what about the American jobs refining oil that is sent to China, do you not care if we lose those?

    #10
  11. Peter

    SaltWaterCroc, you mean the big government recession that Bush tried to avoid when he wanted additional oversight and auditing of Freddie Mac and Fannie Mae (the biggest domino by far)? You remember don’t you? Bush wanted to have reforms of these GSE’s to protect the volnurablity to our economy, and Frank and Todd told us how they were in terrific shape, posed no danger and that reform was essentially an attack on the poor.

    #11
  12. don

    Somehow, Government thinks it should control the lives of people. . . when in fact the people should control the Government.

    While, Americans live in the US. . . Your Government seems to be very preoccupied with the affairs of other contries. . .Consider how much of our money is spent outside of the US. . .

    We have soldiers in like 70 or more countries (most of us can’t name that many countries). . .

    The people have lost control of our Government. . . while we can it is time to start giving guidance. . .rather than receiving control. . .Why are we paying for the endless trips of a President, and family . . .A congress that junkets to far away places. . .

    . . .it didn’t use to be that way. . .

    #12
  13. Dune

    I love it when I hear someone say that they want the Gov’t to regulate speculators, but all I hear is how the Obama administration is socialist and wants to push more Government on us. Make up your minds, do want Government intervention or not?

    Oh I get it, you only want the Government to step in when it means keeping more money in your pocket. Sorry can’t have it both ways.

    #13
  14. easy

    The higher it goes, the less crowded the roads become!

    Less accidents!

    #14