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Is $5 Gas Making a Comeback?

Prices are edging toward $5 per gallon in parts of California, and the national average has been on the rise since July 1.

By Claire_Martin Aug 14, 2012 1:37PM
USA National Gas Price Heat Map from screenshot of Gasbuddy.com.After a stressful spring when the national average gas price edged toward $4 per gallon, we saw a steady decline at the pumps through early summer. But in starting in July, gas prices began a stealthy climb, and now the national average is 9 percent higher than it was just six weeks ago. 

Overall, gas prices are on the rise in 16 states, with Hawaii and Illinois topping the charts. Meanwhile, fuel costs are declining in just six states. To make matters worse on the West Coast, a Chevron oil-refinery fire in Northern California last week has sent prices in that state back through the roof. 

In Sacramento, gas prices jumped by more than 25 cents per gallon in the past week, according to the Sacramento Bee. In Bridgeport, 180 miles southeast of Sacramento, a gallon currently goes for $5.19. Pumps in the Los Angeles area are close to the $5 per gallon mark as well, according to the gas-pricing site GasBuddy.com. Statewide, there's been a 10 percent increase since July 1.

What will the near future bring? Likely more of the same. "In California, any dip in supply sends shock waves through the retail gas industry," Mark Glover of the Sacramento Bee writes. 

That said, gas prices will probably dip in the fall, as usual. This is when refineries start using cheaper "winter blend" gasoline, and Americans typically spend less time on the roads. With that lower demand, of course, comes lower prices.  

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12Comments
The Beltway
Aug 15, 2012 3:41AM
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 This reflects poorly on Obama and his lack of a comprehensive energy policy that better utilizes our local resources.  Instead, he demonizes the U.S. oil and coal industries, whines about the tax rates they pay by calling them a "subsidy", all while giving Brazil's oil industry several billion dollars in a true subsidy for oil exploration.  The he goes on to tell them he wants the U.S. to become their "best customer".  The goal should be ELIMINATING our dependency on foreign oil, not expanding it.
mess with Mike
Aug 15, 2012 5:06PM
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The US walks a fine line as do the politicians. I can understand the drilling increase with trying to get rid of coal all in the same breath. Unfortunately we are slaves to our cars and trucks and not in our life time will this change. I say regulate the spot market and get rid of the speculators there causing all this there is actually plenty of oil in the world. Especially now with China and Europe on a down swing.

 

I need my pick up for what we do its unfortunate its not more fuel efficient. There getting better and more aluminum will be used in the future. I do agree with getting off the oil gravy train...

Troy Monroe (great_life)
Aug 15, 2012 3:52AM
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"The goal should be ELIMINATING our dependency on foreign oil, not expanding it."

 

Good luck with that one, both parties Republican and Democratic have been pushing to expand oil not just one party. Remember, Bush went to war to secure the oil wells in the middle east and Obama would do the same. I would like to see the US NOT become dependent on oil but that's not going to happen as long as the oil companies and auto companies run the show.

Sarduci1
Aug 15, 2012 10:40AM
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Good!   Gas should be $5 a gallon!  The only thing Americans understand is money.  As a nation we use way to much of the worlds resources.   I see people using these huge SUV's, trucks, vans as commuter vehicles.  I say make them pay!  Then maybe they will come back to reality and buy a fuel efficient vehicle.  I am one of those who did come back to reality and sold my SUV.  I bought a fuel efficient 4cyl 4door sedan.  I am so happy with my $35 fill ups 2x a week vs my $80 fill ups once a week.  Lower maintenance costs, insurance costs too!  In fact with the savings I bought myself a new 50" flat screen TV!! 
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