Skyrocketing Gas Prices add to Consumer Stress
As gas prices make a steady climb this week toward $3/gallon in New York (and have cleared that already in Los Angeles), we can’t help but wonder if there is a $4/gallon gasoline sandwich board in the American consumer motorist's future?
Oil cost per barrel has jumped 20% for 2010 on the New York Mercantile Exchange, three times what it was in 2007. According to Wright Express, AAA, and others - prices have risen 1.4 cents veritably overnight to $2.749 per gallon, and spiked 8.4 cents a gallon up in the past week, making it 95.5 cents higher than 2009.
Peter Beutel of Cameron Hanover had this to say in a recent report, "There is a long history of tripled oil prices causing consternation among consumers. We are not there, yet, but gasoline prices at more than $3.00 is certainly an unwelcome sign of consumer distress."
This rise in gasoline prices, paired with a markedly colder winter, could not have come at a worse time for concerned consumers– hitting New Yorker’s pocketbooks at the thermostat and at the gas pump. At a time when bankruptcies are at an all time high, it’s no wonder folks from all over the country are seeking the advice of an experienced bankruptcy attorney. However, spring-time is a factor in that prices invariably rise as warm weather hits, due to more drivers on the road and law-required clean burning fuels get utilized.
Americans motorists on the whole are paying approximately $50 more a month for gas now than in 2009, according to Oil Price Information Services. The total fuel bill for Americans now is said to be over $1 billion per day whereas it was approximately $650 million per day this time last year. Tom Kloza of the Oil Price Information Services was quoted as commenting that you add heating oil and diesel fuel to that and we are looking $400 million to $550 million more each day in total fuel.
www.associatedpress.com, www.msn.com, www.californiagasprices.com
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