Gas Prices keep going up – 5$ a gallon close! image

The average U.S. price of a gallon of gasoline has jumped about 12 cents over the last two weeks, and in Hawaii the average price for a gallon is $4.5!

Drivers are fed up and don’t know what to do. The national average was $3.88, as of Friday.
A frustrated Rama Dahdouh said she is not going anywhere.

“I’m staying home. You can’t go anywhere now. Just basic where ever you go.”

AAA reported the average price of a gallon of regular gas in Chicago was $4.245 Monday, up 3.5 cents from a week ago.
Procter & Gamble Co. said Monday it raised U.S. list prices for those paper products because of rising costs for oil, gas and pulp.
The Cincinnati-based consumer products maker informed retailers of increases last week. Retailers will decide how much of those price increases to pass along to shoppers.

The Obama administration, reacting to higher prices (rather than being proactive about decreasing America’s energy independence), is calling for a probe of gasoline prices.

Sen. Richard Blumenthal, D-Connecticut, renewed his call for a federal investigation to determine if illegal speculation and trading are driving the skyrocketing increase in gasoline prices.

Blumenthal told moderator Bob Schieffer on the CBS television program “Face the Nation” Sunday, “There really needs to be an investigation involving… subpoenas and compulsory process. There needs to be very possibly a grand jury to uncover the potential wrongdoing.

“The Justice Department should take the lead, seize this moment, and send a message — a very strong deterrent message — that this country will not tolerate the kind of illegal speculation and trading and hedge fund activity that may be driving prices up.”

Current levels of global demand for oil would buffer the impacts of Japan’s nuclear crisis on Kuwait, according to Abdelatif Al-Houti, Kuwait Petroleum Corp. (KPC) managing director for world marketing.

Al-Houti told state media that the protests and unrest in Libya, as well as in Bahrain, have led to high oil prices, but that the crisis in Japan has created some price balance due to its reduced consumption of oil.
However, the prices of oil and gas products, especially auto fuel, will skyrocket due to the stoppage of several world oil refineries for maintenance, said Al-Houti, who added that Kuwait sells only to end users and not to speculators.

So … the $5 per gallon is very close!