Gasoline prices skyrocket over the spring break weekend

Gasoline prices skyrocketed over the weekend in Houston as thousands of Texans took to the roads for the spring break holiday.

Houston drivers were paying on average $3.56 on Thursday, but prices jumped 17 cents over the weekend to $3.73, marking the highest average gasoline price in Texas. Drivers are now paying 22 cents more than they were a month ago.

The national average rose a meager 3 cents over the weekend to $3.80.

“With a likely peak in gasoline prices still as much as two or more months away, the national average for a gallon of gasoline has already hit the bottom of the range that we projected,” said Patrick DeHaan, a GasBuddy.com analyst.

DeHaan said the national average should slow as more refineries start and finish maintenance at refineries, but prices could spike if unexpected problems arise.

Analysts have warned gasoline prices are likely to top $4 by the Memorial Day weekend as tensions with Iran and three closing northeast refineries have caused higher crude oil prices. The rising prices at the pump have sparked national debate on ways to lower the price of gasoline.

Public anger has been directed at three familiar targets: President Barack Obama, oil companies and Wall Street traders.

Tom Kloza, chief analyst for Oil Price Information Services, said it is unfair to blame any president or oil company for the rising price of gasoline, because they do not set the price of the commodity. But, he said Wall Street traders might bear some responsibility.

“I believe that the financial asset-ization of oil — the huge expansion of paper markets for crude oil and gasoline futures — is a culprit,” he said.

However, Kloza said the situation is also good for American investment and production.

“The high prices that have been bred by investment and speculation in oil have brought increases in North American production,” he said. “But those high prices also hit people on the margins of society in their wallets.”

25 Comments

  1. Klabdak

    Hoax and Chains!

    #1
  2. rsc1911

    Hey – stop whining about the gas prices. If you haven’t listened to the Prez over the last week, his answer to all this is his energy policy to increase CAFE standards. So if you can’t afford that extra tank of gas each month – go buy a new car.

    #2
  3. Gary Thac

    Those SUVs just got a little cheaper…

    #3
  4. TheRealRick

    Thank goodness for our good friends in the Middle East who will supply us with all of the oil that we need.

    #4
  5. Alex

    Drill here! Drill now! Drill for the USA! I blame the Obama administration for not doing anything against these crazy speculators.

    #5
  6. txloanguy

    Be sure and put air in your tires, but drive less, that’ll make the prices come down. Obama is smoking something. He uses supply and demand to make the case that if we drive less the price will drop. But he won’t use the supply side plan to produce more oil. Only a fool wouldn’t use the great oil resources we have to stop the rise in gas prices.

    #6
  7. Jerry Martin

    This is no surprise. Last November these oil companies told the public how gas prices were going to soar. There is plenty of oil being pumped as fast as they can siphon money out of our pockets.
    Feel raped lately?
    Watch the massive profits these thieves post.

    #7
  8. morphy

    Thanks for the extra high gas prices BO. and for that “Comprehensive” energy policy. NOT.

    We will remember in Nov.

    #8
  9. chuck

    Heard on the radio coming home from Austin this weekend about how to konw if your local gas station was gouging at the pump. The person said in Texas our average price should be arount 3.57 while the neational average–thanks in part to California–is 3.81. Her thought was Houston prices should be in the 3.60 range. All around Austin I saw gas for under 3.50 per gallon. When I left Kingwood on Saturday morning, i paid 3.79. Noticed coming back Sunday all over Houston we were in teh 3.83 range. And as a sidenote, not a lot of gas stations are owned by the big oil guys. Most are owned by a distributor–on reason you see very little difference in pricing around town. They seem to base pricing on what the talking heads say gas will be–not necessarily what supply and demand dictate.

    #9
  10. SPENDMONEY

    Ban gasoline exports. Ban crude oil exports. Ban oil product exports. That will create an oversupply and lower the prices. During the gas crunch of early 1990′s, this “shut you up for complaining” argument was used to justify the high price of gasoline. Where that argument now that the oil companies are exporting gasoline and demanding relative “free” crude oil from the USA to export more gasoline. Stop the exporting of gasoline that will lower prices……they said that…no me.

    #10
  11. PaleRider

    These prices will be the good old days if you reelect obama!

    #11
  12. Bill in Houston

    But wait… Obama will save us. All we have to do is turn pond scum into gasoline! WE’RE SAAAAAAVED!!

    #12
  13. jackie

    oh wow ..thanks for this refreshing news…man didn’t u tell us this last week ..and the week before…? Is so good to wake up to exciting and GOOD NEWS…dang this is so old…we can all see the prices….stop alright

    #13
  14. vet2be1973

    Another excuse for greedy, un-American speculators to jack up prices. Rest assured that this spring break, more people are staying home because they can’t afford to go anywhere.

    #14
  15. Bill

    I love these guys preaching economy of fuel and the president is doing his best and it’s Wall street. Four years ago the same people were crying about how Bush made a deal with the Saudi’s and how Bush sold out the country. Where are your cries now? Is this your way of saying that Bush was right? He was only saying the same thing. Bush was right; no experience obama understands it now.

    #15
  16. whirlwind

    drill, drill, drill. update the refineries. build nuclear plants. build the pipelne. there are no magic, fantasy energy sources out there.

    #16
  17. Bob

    Time to go electric!

    #17
  18. georgex

    Wall Street bankers (speculators) have contributed 56c per gallon to this. There are efforts to require only companies that tend to take possession of oil/gasoline can be buying. That would greatly eliminate the speculation.

    #18
  19. sam

    Gas prices will drop when nobody can afford to buy it anymore, round about $4.75…

    #19
  20. Peter

    Jerry Martin, do you truely believe that a profit margin of around 9% is just like RAPING someone? Exactly how much of a profit margin do you believe the oil companies should make so they aren’t RAPING you?

    #20
  21. Greg in TX City

    Oh Wait! Obama said last week that oil is the energy of the past! There’s got to be some majic in the air somewhere.

    #21
  22. ntangle

    There are efforts to require only companies that tend to take possession of oil/gasoline can be buying. That would greatly eliminate the speculation.
    ——————-
    How would that accomplish anything but move the transactions to other countries? Taking away the profitable trading business where “speculators” aka short term investors, currently use Wall St.

    #22
  23. Btex

    America holds 2% of the world reserves and consumes 20% of its’ resources. There is very little we can do to impact the price at the pump as oil/gas is traded on the global market. We were net exporters last year and right now it’s projected that we will surpass all time production highs in the US around 2016. Yes, I believe speculators have a role but in general it’s demand and a fear of future supply because of the unrest in the middle east. Nat Gas is historically cheap right now but guess what – there are plans for 7 new LNG port to be built to ship too more profitable markets. This is the truth – all the other crap is just crap.

    #23
  24. dsl987

    SPENDMONEY: Shutting down gas/diesel exports will do nothing to lower prices, it will just make more refineries close, like they have already been doing in the Northeast.

    #24
  25. Bobo Jones

    The HC is pushing the Leaf. How stupid.
    If someone lives in Huntsville and drives a leaf, the Leaf, which claims 100 miles on a single charge, wouldn’t make it to Downtown in 100 degree hea, before the dang thing would need another charge.
    Using the Leaf with air conditioning drastically reduces the range, but with age the battery has to reduce its charge.
    The people laughing at Obama’s lame jokes at his energy events have to stupified. Obama’s humor is extremely coarse, and as a humorous person myself, it pains me to listen to him, because good humor involves some truth, and his lies are most evident in the jokes he is trying to tell. Generally, socialist democrats lack humor, and their followers especially lack humor.
    The sad fact is, that the lies that Obama’s tells will not be faithfully report by the big socialist liberal media outlets.
    Folks like Obama Regime cool-aid drinkers like Btex, who swallow Obama’s argument without checking the facts only embarrass themselves, except they don’t know it yet.
    The 2% that Obama talks about it the amount of oil that the US has so far produced. The 2% is not what’s in the ground for eternity. With technological increases, verifiable oil reserves are constantly being identified, and if you don’t know how much oil the US, then you choose to be misinformed.
    In the cool-aid drinkers didn’t want to lie to themselves, they would check facts, and find that to get LNG … you have to DRILL FOR OIL!

    #25