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GasBuddy News Article

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Gas Prices Are Highest Ever For This Time Of Year

HuffPost Business -- NEW YORK (AP) — Gasoline prices have never been higher this time of the year.

At $3.53 a gallon, prices are already up 25 cents since Jan. 1. And experts say they could reach a record $4.25 a gallon by late April.

"You're going to see a lot more staycations this year," says Michael Lynch, president of Strategic Energy & Economic Research. "When the price gets anywhere near $4, you really see people react."

Already, W. Howard Coudle, a retired machinist from Crestwood, Mo., has seen his monthly gasoline bill rise to $80 from about $60 in December. The closest service station is selling regular for $3.39 per gallon, the highest he's ever seen.

"I guess we're going to have to drive less, consolidate all our errands into one trip," Coudle says. "It's just oppressive."

The surge in gas pri


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Submitted Feb 21, 2012 By: Lighting10K
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REPLIES (newest first) Post a Reply
99dakota
Champion Author Providence

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Message Posted: Feb 24, 2012 6:18:22 AM

Are you better off now than you were four years ago?
123cowboy
Champion Author Maine

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Message Posted: Feb 24, 2012 6:12:47 AM

tell us something we don't know...
honda0105
Champion Author Tallahassee

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Message Posted: Feb 24, 2012 6:08:52 AM

DEG: actually, drilling derricks and rigs have increased under the Obama administration to levels not seen in the 21st century. And there has been more oil produced from US soils than pretty much ever before.
texashoudini
Champion Author Austin

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Message Posted: Feb 23, 2012 12:11:41 PM

And guess what? Everything at the grocery store is higher too, except bananas which were 38 cents a pound today.
Nicoalbum
Champion Author Ottawa

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Message Posted: Feb 22, 2012 9:43:58 AM

Yes , gasoline bill is noticeably up.
MelB70
Champion Author Boston

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Message Posted: Feb 22, 2012 6:42:16 AM

The rich are getting richer and the poor, poorer.
epf
Champion Author Grand Rapids

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Message Posted: Feb 22, 2012 5:37:38 AM

Looks like we are headed to $3.69
tomok
Champion Author Portland

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Message Posted: Feb 22, 2012 3:11:00 AM

Gas Prices Are Highest Ever For This Time Of Year? Gas Prices Are Highest Ever and will continue to go up and be higher priced when oil is refined into fuel and exported to other countries for additional profits. Now there has been a refinery fire in Washington state and the left coast will pay LA prices. Big oil will sell fuel and natural gas on the world market for higher prices, there will be NO price reduction for the cost of fuel or natural gas IN the US. Barry will support natural gas and oil production for sale to help pay for his *spending gone wild* addiction. The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their benefit. How’s that ‘hope and change’ thingy working out for you?
Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using ‘other’ forms of transportation to help lower your cost.
The price of fuel at the pump is too high!
12/22/2012!
N5EXY
Champion Author Austin

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Message Posted: Feb 22, 2012 1:02:20 AM

Bring on the election. 257 days.
Tomeboy
Champion Author Twin Cities

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Message Posted: Feb 22, 2012 12:08:04 AM

In 2010, the U.S. produced 21.65 trillion cubic feet of natural gas. And production is steadily on the rise.

Within four years, the U.S. will be exporting over a trillion cubic feet annually. And within seven years, that figure will double — to over 2 trillion cubic feet.

Much of this fuel will come in the form of Liquefied Natural Gas (LNG). LNG is an energy source without which much of Europe would freeze during the long, cold winters.

And this resource, the biggest of its kind in the world, is all ours. <-- ALL OURS... MORE LIKE BIG OIL COMPANIES, SPECULATORS/ INVESTORS AND FOREIGN COUNTRIES.

In fact, the surplus is proven to be so huge that storage plants and export factories are being built for the first time in over half a century just to meet the new market demands.

Whether you noticed this or not, a new energy revolution is fast approaching... But if you want to maximize the effect of your investment, you need precise information on just how to invest in this explosive market... Because when it comes to something this big, no single investment will cover all the bases.

You see, many of the major players in the industry are already preparing for the transition to the status of net exporter. Companies from as far away as China have already begun to invest in this coming American economic expansion.

It's all part of revived natural gas market that grew by 63% in 2011 to $31 billion — and that will continue to grow by another 19% this year to $37 billion.

NEVER IN THE FIELD OF HUMAN CONFLICT… WAS SO MUCH OWED… BY SO MANY … TO SO FEW.


[Edited by: Tomeboy at 2/22/2012 12:12:05 AM EST]
visitor_2
Champion Author Orlando

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Message Posted: Feb 22, 2012 12:07:36 AM

And without regulation they will keep on rising.
dave1745
Champion Author Gary

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Message Posted: Feb 22, 2012 12:03:15 AM

Just a precursor to what is ahead for this summer...
ssect8
Champion Author Hartford

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Message Posted: Feb 22, 2012 12:02:14 AM

Nothing new, same old same old.
mpg611
Champion Author Cleveland

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Message Posted: Feb 22, 2012 12:00:51 AM

What else is new?
FastAndy
Champion Author Indianapolis

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Message Posted: Feb 22, 2012 12:00:11 AM

Not good at all.
rypama821
Rookie Author Maine

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Message Posted: Feb 21, 2012 11:56:01 PM

time to downsize vehicles again
JesseJack52
All-Star Author Virginia Beach

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Message Posted: Feb 21, 2012 11:55:45 PM

I said it before, I'll say it again IT Just Doesn't make sense blame those Ignorant Freshman Republicans for not renewing the 30yr old...3 0 year old 45 to 54 cent ethanol subsidy to fuel as we still move slowly out of recession and my fellow Americans are hurting ALSO part 2 We as Americans are using the least amount of foreign oil in more than 5+ years yet because were a global economy it will contiue to rise 2 answer china and india's new foud thirst.
wwardyota
Champion Author Honolulu

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Message Posted: Feb 21, 2012 11:55:27 PM

sky is blue, grass is green?
jimbo1867
Champion Author Arizona

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Message Posted: Feb 21, 2012 11:54:48 PM

oh joy
Thomtec
Champion Author Nashville

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Message Posted: Feb 21, 2012 11:54:19 PM

Barry loves this folks. You evil oil and gas users. He will make you buy an electric car whether you want it or not.
monieet
Champion Author California

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Message Posted: Feb 21, 2012 11:49:51 PM

Ok
Tomeboy
Champion Author Twin Cities

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Message Posted: Feb 21, 2012 11:48:50 PM

The top two “integrated” oil-and-gas giants.

#1 Exxon Mobil: The biggest natural gas producer is also the country’s biggest oil company and one of the most profitable corporations in the world. Exxon Mobil refines and sells gasoline around the world.
--Average Daily Natural Gas Production: 3.9 billion cubic feet
--Revenue, 2010: $370 billion.
--Reserves, 2010: 8.9 billion barrels of oil (2.3 billion in the U.S.), 2.1 billion barrels of bitumen (none in the U.S.), 681 million barrels of synthetic crude (none in the U.S.), 78.8 trillion cubic feet of natural gas (26.1 trillion in the U.S.).

#2 Chesapeake Energy Corp.'s: An “independent” which is primarily in oil and gas exploration and production. One of the largest producers of natural gas in the nation and the most active driller of new wells in the U.S.
--Average Daily Natural Gas Production: 2.6 billion cubic feet.
--Revenue, 2010: $9.4 billion.
--Reserves, 2010: 14.3 trillion cubic feet of gas equivalent (10 percent of that is oil or other liquids, converted to the equivalent volume in gas).

With oil prices high and natural gas prices low, many companies are seeking more wells that are oil-and liquids-rich, particularly in North Dakota, southern Texas and Pennsylvania.
must87searcher
Champion Author Maryland

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Message Posted: Feb 21, 2012 11:48:05 PM

There are always a chance for changes. Just hope that the changes will go to the buyers benefit, by having the price fall instead of going up!
Tomeboy
Champion Author Twin Cities

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Message Posted: Feb 21, 2012 11:47:34 PM

Chesapeake Energy 4Q Up 92% As Revenue, Production Rises
--Chesapeake revenue up 92%
--Crude oil production rose 75%; now cutting natural gas production
--Hedging gain boosts bottom-line results

Chesapeake Energy Corp.'s (CHK) fourth-quarter earnings nearly doubled as it ramped up oil production and as a hedging gain boosted bottom-line results.

Chesapeake, the second-largest U.S. natural gas producer after Exxon Mobil Corp. (XOM), said it produced more than 9.7 million barrels of oil and liquids in the fourth quarter, up 75% from the same time last year. Oil and gas companies are fleeing natural gas fields after a supply glut brought prices to lows not seen in years, instead choosing to focus on oil production in hopes of profiting from rising crude prices.

Chesapeake Energy reported a profit of $429 million, or 63 cents a share, up from $223 million, or 28 cents a share, a year earlier. Chesapeake reported a fourth-quarter natural gas and liquids hedging gain of $315 million. Chesapeake's revenue increased 38% to $2.73 billion.

Other companies have since followed suit in cutting natural gas production, most notably Devon Energy Corp. (DVN) and EnCana Corp. (ECA).

Chesapeake has built itself as a gas company, but it is increasingly looking for "liquids-rich plays," according to its annual report.
Tomeboy
Champion Author Twin Cities

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Message Posted: Feb 21, 2012 11:46:50 PM

Foreign interest in U.S. oil drilling projects

January 2011, China's state-owned oil company CNOOC agreed to pay Chesapeake Energy Corp.'s $570 million for a one-third stake in a drilling project in the Niobrara oil shale formation, which stretches under Wyoming, Colorado, Nebraska and Kansas. This followed a $1 billion deal in October 2010 between the two companies on a project in the Eagle Ford oil shale formation, under South Texas.

Foreign money is flowing in the front door on U.S. drilling projects. U.S. oil is flowing out the back door and exported to foreign countries.

For the last several years more and more oil is being drilled for and produced here in the U.S.

What good is it doing... to drill for more oil? So more and more U.S. oil can be exported? Has the extra oil being produced here, helped lower gasoline prices in the U.S.?

Doesn't make a lot of sense, does it... for the consumer. It does make a lot of sense for all the oil companies. What a cash cow the oil companies, speculators and China have going for them. China will take their payment in the form of exported U.S. oil.

And we the U.S. taxpayers… subsidize these oil companies and look what we get in return... higher gas prices.
gd83goldwinger
Champion Author South Bend

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Message Posted: Feb 21, 2012 11:44:00 PM

Speculators all speculators is what it is.
fuelsaverMN
Champion Author Twin Cities

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Message Posted: Feb 21, 2012 11:43:39 PM

WE NEED TO GET RID OF ALL THE DEMS IN CONGRESS IN 2012 AND KEEP ALL THE GOOD GOP'S TO GIVE OUR COUNTRY BACK TO THE PEOPLE.
regout
Champion Author Quebec

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Message Posted: Feb 21, 2012 11:42:49 PM

Speculators are killing the economy.
fuelsaverMN
Champion Author Twin Cities

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Message Posted: Feb 21, 2012 11:42:03 PM

The libs have to be beaten in 2012.......ABSOLUTELY.....
julesTN
Veteran Author Nashville

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Message Posted: Feb 21, 2012 11:37:49 PM

Reckon we are going to have be entrepreneurish in our transportation needs
TKDBlackBelt
Champion Author Dayton

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Message Posted: Feb 21, 2012 11:37:35 PM

Wow, $80 a month?!? My wife and almost pay that in a WEEK! Which is about double what is was 4 years ago.
confetti
Veteran Author Tampa

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Message Posted: Feb 21, 2012 11:34:52 PM

Bad news ... let's hope there's some good news soon.
carman11
Champion Author North Carolina

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Message Posted: Feb 21, 2012 11:34:33 PM

THIS IS NOT GOING TO BE GOOD FOR THE ECONOMIC RECOVERY.
KAR120CSII
Champion Author Oregon

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Message Posted: Feb 21, 2012 11:34:22 PM

Gotta get commodities speculation back under control and tax it.
kettle
Sophomore Author Yakima

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Message Posted: Feb 21, 2012 11:34:20 PM

What's new??????
craigsfrank
Champion Author Arkansas

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Message Posted: Feb 21, 2012 11:32:35 PM

Prices went up here again in NW Arkansas..... just driving less, a lot less!
chrisg55
Rookie Author Indiana

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Message Posted: Feb 21, 2012 11:30:55 PM

I hope those idiot Oil Speculators lose it all...They sure help gouge the public as they make millions..It is legalized theft.
bonzoonfmb
Champion Author Florida

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Message Posted: Feb 21, 2012 11:28:39 PM

Speculation and the oil refineries cutting production trying to get federal money is the cause.
DustyHorse
Champion Author Virginia

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Message Posted: Feb 21, 2012 11:25:20 PM

All due to wild speculation because of Iraq. This is a big price bubble. Hopefully, it will burst in suddenly and lots of speculators will lose their money. This oil price bubble is not base in reality just like the dot com bubble and the housing market bubble. There will be a dramatic price adjustment in oil. The only question is when.
kmaesad
Rookie Author Charleston

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Message Posted: Feb 21, 2012 11:23:59 PM

no matter what the prices are going to go up till the oil companies quit selling our reserves over seas..
goalie1950
Champion Author Phoenix

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Message Posted: Feb 21, 2012 11:22:37 PM

The last time gas topped $4 a gallon the country was on the verge of a double tip recession. This price level could deal a serious blow to the economic recovery in this country.
HYEgasCA
Champion Author Fresno

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Message Posted: Feb 21, 2012 11:22:32 PM

Hey pgerassi!!

How-about banning wacko-environmentalist and left-wing nut jobs.
cheap59
Champion Author Michigan

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Message Posted: Feb 21, 2012 11:22:14 PM

And this trend will continue until someone puts a squeeze on the oil companies.
Paw5X
Champion Author Gary

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Message Posted: Feb 21, 2012 11:22:07 PM

Why don't ya tell us something we do not already know!
NorthglennBill
Champion Author Denver

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Message Posted: Feb 21, 2012 11:21:05 PM

We are all painfully aware of this.
LQQKGAS
Champion Author Phoenix

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Message Posted: Feb 21, 2012 11:17:25 PM


And Oil Companies are still reporting record profits!!!
pgerassi
Champion Author Milwaukee

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Message Posted: Feb 21, 2012 11:16:10 PM

Ban CIFs and watch the price drop to a third of what it is now.
Senrac
Champion Author Lincoln

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Message Posted: Feb 21, 2012 11:16:09 PM

well one way to lower price would be to lower the different blends and Crap they have to refine for the epa
Volkswagen62
Sophomore Author Salinas

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Message Posted: Feb 21, 2012 11:15:49 PM

I find it interestingly Stupid to ask a Retired Guy how he feels about high gas prices! The "Retired" machinist from Crestwood, Mo., says his gas bill rose from $60 to $80 a month, well excuse me for not getting out my crying towel for him, but they should ask a "working man or woman" with a commute what they pay per month. Try paying my gas bill per month of $300.00, you can "consolidate" all the trips you want into one, but you still got to drag your ASS to work no matter what it takes! He is crying about $3.39 a gallon, try $3.95 avg. now where I live! There is only two words for rising gas prices "GREEDY BASTARDS"
REKEY
Champion Author South Carolina

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Message Posted: Feb 21, 2012 11:15:20 PM

Yeah! Finally they got it right!
clermont40miles
Champion Author Cincinnati

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Message Posted: Feb 21, 2012 11:12:55 PM

Cincy is about where we were same time last year. After a 30cts hike overnight.

That's probably the same as last year.

Maxed out at 4.20 briefly last summer. Took forever to drop down.
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