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Crude prices hit highest level since last spring

GasBuddy Blog -- West Texas intermediate, a benchmark crude, hit a level today that hasn't been seen since the early days of Major League Baseball's 2012 season. Crude oil for March delivery hit $97.75/bbl in intraday trading today, the highest price since closing at $97.94/bbl on May 7, 2012.

Many motorists always beg the question why gasoline prices aren't the same price as the last time oil was at a certain price, but they are clearly coming out ahead this time around. The last time WTI crude was this high, the national average stood at $3.765/gal, compared to today's level of $3.35/gal.

The states to be impacted the most include California, Michigan, Illinois, Indiana, Ohio, Kentucky, Wisconsin, and Missouri. To a lesser extent, Oregon...

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Submitted Jan 29, 2013 By: PD

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moose21040 Rookie Author Baltimore Posts:84 Points:114,890 Joined:Jan 2011	Message Posted: Feb 18, 2013 2:28:28 PM Ignore moose21040 Report Abuse old news
farmall123 Rookie Author Michigan Posts:1 Points:1,020 Joined:Nov 2011	Message Posted: Feb 18, 2013 11:45:49 AM Ignore farmall123 Report Abuse Market Speculation is by far the biggest reason fuel prices are so freakin' high. I've had this idea ever since the price started going up under the Bush Administration: Just require the speculators that 'buy' the crude to take physical possession of it for a minimum of 30 days before it can be re-sold. Speculation is NOT market demand, its gambling plain and simple. Every time someone farts in the Middle East, speculators start 'buying' crude and up goes the price at the pump! They'd think twice if they had to take physical possession of that crude, wouldn't they? Legitimate buyers wouldn't have to worry about taking possession, since they intend to take it anyway. They wouldn't want a surplus they can't refine and sell, so I think this idea would be a much better indicator of Market Demand and drive prices back down where they're reasonable.
Bad_Petroleum Champion Author Miami Posts:10,839 Points:130,755 Joined:Jan 2013	Message Posted: Feb 7, 2013 2:59:00 PM Ignore Bad_Petroleum Report Abuse Elections are over and therefore gas prices rise again
Mr1lung All-Star Author Phoenix Posts:811 Points:164,150 Joined:Nov 2012	Message Posted: Feb 7, 2013 10:55:59 AM Ignore Mr1lung Report Abuse ok
LuckyLou1 Veteran Author Colorado Posts:420 Points:181,320 Joined:Oct 2012	Message Posted: Feb 6, 2013 10:52:53 PM Ignore LuckyLou1 Report Abuse Wish they went down as fast as they go up!
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Feb 4, 2013 5:58:52 AM Ignore honda0105 Report Abuse W-Dan: it's something you get used to when you post long enough. As Forrest said, can't fix... you know what...
kiosk12y Champion Author Tulsa Posts:3,618 Points:682,040 Joined:Mar 2011	Message Posted: Feb 3, 2013 6:39:37 PM Ignore kiosk12y Report Abuse agreed w/ WanderDan...ignore option also works... [Edited by: kiosk12y at 2/3/2013 6:43:38 PM EST]
txrojo2005 All-Star Author Austin Posts:766 Points:479,630 Joined:May 2011	Message Posted: Feb 3, 2013 5:11:55 PM Ignore txrojo2005 Report Abuse Yep and the Federal Reserve is still printing money and the stock market is vacuuming the extra money up; hence Dow 14,000.
WanderDan All-Star Author Dayton Posts:591 Points:144,460 Joined:Nov 2012	Message Posted: Feb 3, 2013 4:11:55 PM Ignore WanderDan Report Abuse only tooki a few posts to find some moron tea party blame obama. you have a disease!
Yetie Sophomore Author Las Vegas Posts:218 Points:814,115 Joined:Mar 2009	Message Posted: Feb 3, 2013 11:38:50 AM Ignore Yetie Report Abuse I wish I could understand what really drive gas prices! I'm so confused.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Feb 3, 2013 8:08:39 AM Ignore honda0105 Report Abuse maybe the stronger $ will bring lower prices by Easter?
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Feb 2, 2013 5:58:32 AM Ignore honda0105 Report Abuse maybe w/ the Dow Jones closing at 14k+, prices slide a bit? yea.. eternal optimist.
lazydoggs3 Veteran Author Fresno Posts:258 Points:30,535 Joined:Aug 2008	Message Posted: Jan 31, 2013 4:03:58 PM Ignore lazydoggs3 Report Abuse Not good not good one bit
RapMassaG Champion Author Cincinnati Posts:2,620 Points:1,052,470 Joined:Oct 2008	Message Posted: Jan 31, 2013 1:05:59 PM Ignore RapMassaG Report Abuse And, right on queue, Greedway spikes retail gas prices to THEIR highest level since last spring.
rodgie1962 Rookie Author South Bend Posts:1 Points:120 Joined:Jan 2013	Message Posted: Jan 31, 2013 11:35:26 AM Ignore rodgie1962 Report Abuse hope these gas prices go down again instead of jumping again and again and why don't the president do something about it people is not made out of money and hope someday the gas go down again it goes down like a see saw 20 cents all the time
nskmda Champion Author Grand Rapids Posts:1,290 Points:787,530 Joined:May 2007	Message Posted: Jan 31, 2013 10:44:57 AM Ignore nskmda Report Abuse sure...
traffic cop Champion Author Boston Posts:1,248 Points:536,560 Joined:Oct 2004	Message Posted: Jan 30, 2013 9:59:21 PM Ignore traffic cop Report Abuse Sydb7, Regan slashed taxes and ended the Carter Recession in two and a half years. Obama has had four years. Now taxes are going up (already--your FICA deduction just increased). Wait and see. There will be a lot of pulling of hair and gnashing of teeth this April 15, when people say, "Hey! I thought they were only going to raise taxes on the 'rich'!"
sydb7 Champion Author Atlanta Posts:3,557 Points:1,919,755 Joined:Mar 2003	Message Posted: Jan 30, 2013 5:08:06 PM Ignore sydb7 Report Abuse Coke_kid is a hater! You can not blame all the economic problems on Obama, unless you don't want to really tell the truth!
speedway2hi Rookie Author Indiana Posts:53 Points:340,560 Joined:Sep 2008	Message Posted: Jan 30, 2013 4:22:18 PM Ignore speedway2hi Report Abuse +1 for coke_kid
coke_kid Champion Author Chicago Posts:1,536 Points:324,370 Joined:Nov 2005	Message Posted: Jan 30, 2013 3:31:20 PM Ignore coke_kid Report Abuse No matter,who cares now about high gas prices right? everything is wonderful right? i mean Obamas 4 yrs fixed everything right? He fixed it all now so your doing great now right? you have that big raise last year and bought a new car and a house and you took the kids and wife for a 2 week vacation and now you go for sunday drives and everyone has a great job! and people are spending like crazy like you Obama and life is great! cause wait! he spent 7 Trillion now and were good right? the value of the dollar is great right? inflation up 11% and hey dont forget unemployment is still 8% give or give some more and hey what about spending is going higher the Debt is ya know only 16.4 TRILLION so were good right? so were good right? SO dont let high gas prices bother you cause you can afford it now cause you voted for Obama and hes fixed it all now so were all good so please no more fighting cause Obamas fixed everything :) SUCKERS!!!!!!!!
matthwbar Champion Author Toledo Posts:4,068 Points:1,018,780 Joined:Jun 2007	Message Posted: Jan 30, 2013 3:05:48 PM Ignore matthwbar Report Abuse As the dollar sinks...
MOREDLEG Champion Author Missouri Posts:2,655 Points:611,935 Joined:May 2011	Message Posted: Jan 30, 2013 3:03:16 PM Ignore MOREDLEG Report Abuse Gas prices on the way up, up, up
caddilac Champion Author Ontario Posts:16,606 Points:2,140,455 Joined:Apr 2007	Message Posted: Jan 30, 2013 2:56:11 PM Ignore caddilac Report Abuse I'm not surprised.
idigau22 Champion Author Washington Posts:23,411 Points:3,201,985 Joined:Apr 2003	Message Posted: Jan 30, 2013 2:37:30 PM Ignore idigau22 Report Abuse It is all "Smoke & Mirrors" folks!!
CostEngineer Veteran Author Sacramento Posts:255 Points:142,955 Joined:Mar 2011	Message Posted: Jan 30, 2013 2:35:48 PM Ignore CostEngineer Report Abuse Just means that prices are on its way to $3.76/gal.
DickAAA Champion Author St. Louis Posts:2,266 Points:1,362,685 Joined:Jan 2005	Message Posted: Jan 30, 2013 2:32:59 PM Ignore DickAAA Report Abuse Most of our crude comes from the Dakotas and Canada. Why should west Texas crude effect our prices.
jmg144 Champion Author Maryland Posts:9,706 Points:2,902,085 Joined:Jul 2004	Message Posted: Jan 30, 2013 2:31:39 PM Ignore jmg144 Report Abuse Suggest you all read Yergin's two books (The Prize, The Quest)about oil and energy industry to understand price fluctuations.
2granny Champion Author Michigan Posts:9,575 Points:1,466,255 Joined:Apr 2009	Message Posted: Jan 30, 2013 2:30:11 PM Ignore 2granny Report Abuse Our gas prices jumped 30 cents yesterday.
StraKat Champion Author Ohio Posts:3,210 Points:570,015 Joined:Jan 2011	Message Posted: Jan 30, 2013 2:26:35 PM Ignore StraKat Report Abuse Inventory is up and prices go up. Go figure.
CivicMA Champion Author Boston Posts:1,902 Points:535,420 Joined:Jun 2011	Message Posted: Jan 30, 2013 2:26:30 PM Ignore CivicMA Report Abuse Yup, and at the pump too.
oldiesman Champion Author New York Posts:6,432 Points:2,194,935 Joined:May 2006	Message Posted: Jan 30, 2013 2:24:37 PM Ignore oldiesman Report Abuse If you say so?
DutchTreatMI Champion Author Grand Rapids Posts:3,310 Points:752,440 Joined:Mar 2011	Message Posted: Jan 30, 2013 2:23:55 PM Ignore DutchTreatMI Report Abuse Not easy for the average citizens.
crashintuc34 Champion Author Tucson Posts:4,052 Points:812,340 Joined:May 2010	Message Posted: Jan 30, 2013 2:21:13 PM Ignore crashintuc34 Report Abuse El Presidente couldn't be happier.
timesaverinc Champion Author Wichita Posts:1,478 Points:295,590 Joined:Apr 2011	Message Posted: Jan 30, 2013 2:20:41 PM Ignore timesaverinc Report Abuse They are not happy tell all of us are barely getting by
fulldawg Champion Author Georgia Posts:7,113 Points:951,210 Joined:Jun 2004	Message Posted: Jan 30, 2013 2:20:30 PM Ignore fulldawg Report Abuse Stay tuned! you will soon hear "Severe thunderstorms in the southeast cause rise in regional gas prices."
thirty8paces Champion Author Baltimore Posts:4,521 Points:1,107,105 Joined:Sep 2008	Message Posted: Jan 30, 2013 2:17:13 PM Ignore thirty8paces Report Abuse It's not just big oil. It's the lack of any sort of control of the commodities markets. Check out what the purpose of the Glass-Steagall Act was and how it came to be squashed. Rich taking care of the rich.
monarch57 Champion Author British Columbia Posts:1,628 Points:135,710 Joined:Nov 2008	Message Posted: Jan 30, 2013 2:10:59 PM Ignore monarch57 Report Abuse Shame on big oil companies for being so GREEDY,
NashGas Champion Author Nashville Posts:3,089 Points:663,930 Joined:Dec 2009	Message Posted: Jan 30, 2013 2:09:01 PM Ignore NashGas Report Abuse The man following his plan to keep us all down.
Tbowles13 Rookie Author Arkansas Posts:5 Points:2,020 Joined:Jan 2013	Message Posted: Jan 30, 2013 2:08:43 PM Ignore Tbowles13 Report Abuse Its only going to be on the rise.
chyguy3 Champion Author Wyoming Posts:2,855 Points:859,540 Joined:Sep 2006	Message Posted: Jan 30, 2013 2:05:34 PM Ignore chyguy3 Report Abuse Most of what you say tomok, I agree with. I'm just not sure where ev's and alternatives will lead us to yet. They aren't consistent with the promises and "wishes" of the "elite" of the ruling class and don't give us unwashed masses the warm fuzzies either.
Chadgas All-Star Author Missouri Posts:983 Points:2,174,925 Joined:Feb 2006	Message Posted: Jan 30, 2013 2:03:46 PM Ignore Chadgas Report Abuse and it's going to keep going up.
arnerator Champion Author Seattle Posts:8,184 Points:1,618,140 Joined:Sep 2008	Message Posted: Jan 30, 2013 2:02:46 PM Ignore arnerator Report Abuse Recently, stations here have have raised prices 10 to 20 cents per gallon. RIP OFF
SSchmidty Champion Author Illinois Posts:9,353 Points:1,778,030 Joined:Mar 2008	Message Posted: Jan 30, 2013 1:54:59 PM Ignore SSchmidty Report Abuse No worries mates... this pattern will not go away. After all, 2019-2049 is the swan song for the commodity-basis for pig-oil and their hedge fund tradiong buddies!
geoutpb Champion Author Midland Odessa Posts:4,628 Points:1,067,285 Joined:Dec 2006	Message Posted: Jan 30, 2013 1:53:15 PM Ignore geoutpb Report Abuse More of the same.
blitzntj Champion Author Jacksonville Posts:4,684 Points:945,055 Joined:Dec 2007	Message Posted: Jan 30, 2013 1:46:31 PM Ignore blitzntj Report Abuse and don't we know it
HawaiianGuy Champion Author Idaho Posts:9,528 Points:3,079,700 Joined:May 2003	Message Posted: Jan 30, 2013 1:45:29 PM Ignore HawaiianGuy Report Abuse Ken20D, oh for the days of $45/barrel Alaskan Crude. Unfortunately, if it were to happen today, prices at the pump would STILL remain where they are these days, possibly even more. Like our current president, Big Oil thinks that it answers to NO ONE.
marion1739 All-Star Author Missouri Posts:834 Points:261,335 Joined:Jan 2011	Message Posted: Jan 30, 2013 1:44:07 PM Ignore marion1739 Report Abuse Look for 5 a gallon gas soon
CheckitoutGuy Champion Author San Diego Posts:1,311 Points:769,590 Joined:Mar 2008	Message Posted: Jan 30, 2013 1:41:32 PM Ignore CheckitoutGuy Report Abuse Yep
Ken2OD Champion Author Grand Rapids Posts:9,072 Points:1,971,940 Joined:Dec 2005	Message Posted: Jan 30, 2013 1:41:23 PM Ignore Ken2OD Report Abuse I respectfully disagree with the assessment of the writer regarding the title of this article. I have been tracking daily oil prices (particularly Alaskan North Slope Crude) since April of 2009. On March 24, 2012, Alaskan crude closed at $127.99 (possibly the highest price ever for Alaska oil). That is nearly TRIPLE from when I first started to track it. The latest closing price I have is from last Friday when it closed at $109.68 (down $18.91 from last Spring). The first day that I started to track Alaska oil was April 13, 2009 when it closed at $45.05. Actual figures don't lie. But liars do figure. [Edited by: Ken2OD at 1/30/2013 1:44:34 PM EST]
PithyOpiner Champion Author Stockton Posts:16,205 Points:1,597,545 Joined:Jun 2008	Message Posted: Jan 30, 2013 1:40:05 PM Ignore PithyOpiner Report Abuse Can't blame them for wanting mo' money, can you? We'd do the same if we could.