Wednesday, May 21, 2008

Soaring Gasoline Prices Approach $4.00 a Gallon

high gasoline prices May 2008The average price of gasoline soared to a record $3.791 a gallon this week in the Department of Energy's weekly retail price report. The average retail price was up nearly 7 cents a gallon from last week and 57 cents a gallon from a year at this time.

Just in time for the Memorial Day holiday weekend, prices are quickly approaching the $4.00 per gallon mark. The price of crude oil also reached record prices this week of $128 per barrel. And the prediction of $150 a barrel seems more likely every day.

Diesel prices rose nearly 17 cents a gallon to $4.497 a gallon, an amazing $1.694 more per gallon than a year ago.

oil cost danger high prices severe rick economyThe pain at the pump can clearly be felt across America. More money spent on gas means less money for other basic necessities like food, housing and health expenses. That 57 cent increase means about $600 more per year in increased fuel costs (.57 *20 gals *52 weeks). That's 120 $5.00 Subway Foot long sandwiches! And higher energy costs are passed along to consumers in other products as well as energy costs ripple through the economy.

Source: Department of Energy

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