From CBS Chicago: Gasoline prices could approach $5 a gallon by Memorial Day and stay a record levels for much of the summer, according to a forecast by GasBuddy.com.
Gas prices always spike in the summer, but the 2012 Gasbuddy.com Price Outlook predicts this summer will break records.
“It looks like it might be the most painful year at the pump that we have ever seen,” senior analyst Patrick DeHaan said.
By Memorial Day, gasoline in the Chicago area could rise to between $4.60 and $4.95 a gallon–more than a dollar above the current average. http://chicago.cbslocal.com/2012/01/13/gas-outlook-most-painful-year-at-pump-ever/
The problem for Obama and the Democrats, they want higher gas prices. When gas prices were over $4 a gallon a couple of years ago, Obama didn't mind the high price, he was just a bit upset that the prices went up too fast.
As Bill Clinton says: "It's the economy, stupid". Obama, when he looks in the mirror, meets stupid.
Eric Hovde: The Ultimate Carpetbagger
4 hours ago
If this costs Obama the election (and I'm not sure it will), he can lay awake at night wondering why he didn't try to do something about the speculators. We went through this in 2008, in a different administration. But neither did anything about it. It's insane that gas prices fluctuate on the whims of speculators. In reality, oil prices have risen and fallen several dollars up and down for a long time. The price at the pump doesn't seem to follow.
ReplyDeleteI remain convinced that they got us used to $3. Then they got us used to $4+, and dropped the prices back in the $3+ range, and will slowly raise it to go up over $4 and leave it there. I don't think the political party of the president at the time has much to do with it, beyond making a speech. Well, let me amend that. . .Bush and Cheney were oil guys. At least you can't claim that of Obama.