Personal Finance

Gas Prices Rise for 32 Days Straight (Video)

Gas prices have increased for 32 days straight, according to AAA, which means the average price for a gallon of regular unleaded gasoline has increased 13% (video below).

According to CNN, the skyrocketing gas prices have come when people are already looking at larger home heating bills and smaller paychecks because the payroll tax cuts expired last month, which the Republicans wanted cut during the last budget impasse.

As usual, the mainstream media reports the gas prices are from rising crude oil prices, production cuts and refinery closings, but none mention the oil and gas speculators who drive the price up, not actual demand.

"Right now, things are tight worldwide," said Ray Carbone, president of New York commodities trading firm Paramount Options. "Refineries going down, unanticipated maintenance and higher demand... going into driving season."

The price of crude oil has jumped 10% in the last two months, according to the U.S. Energy Information Administration within the U.S. Department of Energy.

OPEC reportedly cut production by about 1 million barrels a day in the last few months because of increased oil production by the U.S., which actually exports more oil than it imports.

CNN claims that several refineries are either preparing to, or have already, shut down for maintenance before their annual switch to summer gasoline.

To make matters worse, lawmakers will soon face off against the so-called "sequester," which will could cut $85 billion from federal agencies over seven months.

Millions of federal workers could be furloughed, and numerous programs and services across the government could be curtailed.

Source: CNN

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