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GasBuddy News Article

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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
Category: GasBuddy Official Blog > Topics Add to favorite topics   Post new topicPost New Topic
Author Topic: Crude prices hit highest level since last spring Back to Topics
REPLIES (newest first) Post a Reply
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moose21040
Veteran Author Baltimore

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Message Posted: Feb 18, 2013 2:28:28 PM

old news
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farmall123
Rookie Author Michigan

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Points:1,770
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Message Posted: Feb 18, 2013 11:45:49 AM

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.
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Bad_Petroleum
Champion Author Miami

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Message Posted: Feb 7, 2013 2:59:00 PM

Elections are over and therefore gas prices rise again
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Mr1lung
Champion Author Phoenix

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Message Posted: Feb 7, 2013 10:55:59 AM

ok
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LuckyLou1
Champion Author Colorado

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Message Posted: Feb 6, 2013 10:52:53 PM

Wish they went down as fast as they go up!
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 4, 2013 5:58:52 AM

W-Dan: it's something you get used to when you post long enough. As Forrest said, can't fix... you know what...
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kiosk12y
Champion Author Tulsa

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Message Posted: Feb 3, 2013 6:39:37 PM

agreed w/ WanderDan...ignore option also works...

[Edited by: kiosk12y at 2/3/2013 6:43:38 PM EST]
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txrojo2005
Champion Author Austin

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Message Posted: Feb 3, 2013 5:11:55 PM

Yep and the Federal Reserve is still printing money and the stock market is vacuuming the extra money up; hence Dow 14,000.
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WanderDan
All-Star Author Dayton

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Message Posted: Feb 3, 2013 4:11:55 PM

only tooki a few posts to find some moron tea party blame obama. you have a disease!
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Yetie
Veteran Author Las Vegas

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Message Posted: Feb 3, 2013 11:38:50 AM

I wish I could understand what really drive gas prices! I'm so confused.
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 3, 2013 8:08:39 AM

maybe the stronger $ will bring lower prices by Easter?
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 2, 2013 5:58:32 AM

maybe w/ the Dow Jones closing at 14k+, prices slide a bit? yea.. eternal optimist.
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lazydoggs3
Veteran Author Fresno

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Message Posted: Jan 31, 2013 4:03:58 PM

Not good not good one bit
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RapMassaG
Champion Author Cincinnati

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Message Posted: Jan 31, 2013 1:05:59 PM

And, right on queue, Greedway spikes retail gas prices to THEIR highest level since last spring.
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rodgie1962
Rookie Author South Bend

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Message Posted: Jan 31, 2013 11:35:26 AM

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
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nskmda
Champion Author Grand Rapids

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Message Posted: Jan 31, 2013 10:44:57 AM

sure...
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traffic cop
Champion Author Boston

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Message Posted: Jan 30, 2013 9:59:21 PM

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'!"
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sydb7
Champion Author Atlanta

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Message Posted: Jan 30, 2013 5:08:06 PM

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!
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speedway2hi
Sophomore Author Indiana

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Message Posted: Jan 30, 2013 4:22:18 PM

+1 for coke_kid
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coke_kid
Champion Author Chicago

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Message Posted: Jan 30, 2013 3:31:20 PM

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!!!!!!!!
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matthwbar
Champion Author Toledo

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Message Posted: Jan 30, 2013 3:05:48 PM

As the dollar sinks...
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MOREDLEG
Champion Author Missouri

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Message Posted: Jan 30, 2013 3:03:16 PM

Gas prices on the way up, up, up
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caddilac
Champion Author Ontario

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Message Posted: Jan 30, 2013 2:56:11 PM


I'm not surprised.
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idigau22
Champion Author Washington

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Message Posted: Jan 30, 2013 2:37:30 PM

It is all "Smoke & Mirrors" folks!!
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CostEngineer
Veteran Author Sacramento

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Message Posted: Jan 30, 2013 2:35:48 PM

Just means that prices are on its way to $3.76/gal.
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DickAAA
Champion Author St. Louis

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Message Posted: Jan 30, 2013 2:32:59 PM

Most of our crude comes from the Dakotas and Canada. Why should west Texas crude effect our prices.
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jmg144
Champion Author Maryland

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Message Posted: Jan 30, 2013 2:31:39 PM

Suggest you all read Yergin's two books (The Prize, The Quest)about oil and energy industry to understand price fluctuations.
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2granny
Champion Author Michigan

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Message Posted: Jan 30, 2013 2:30:11 PM

Our gas prices jumped 30 cents yesterday.
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StraKat
Champion Author Ohio

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Message Posted: Jan 30, 2013 2:26:35 PM

Inventory is up and prices go up. Go figure.
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CivicMA
Champion Author Boston

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Message Posted: Jan 30, 2013 2:26:30 PM

Yup, and at the pump too.
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oldiesman
Champion Author New York

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Message Posted: Jan 30, 2013 2:24:37 PM

If you say so?
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DutchTreatMI
Champion Author Grand Rapids

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Message Posted: Jan 30, 2013 2:23:55 PM

Not easy for the average citizens.
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crashintuc34
Champion Author Tucson

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Message Posted: Jan 30, 2013 2:21:13 PM

El Presidente couldn't be happier.
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timesaverinc
Champion Author Wichita

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Message Posted: Jan 30, 2013 2:20:41 PM

They are not happy tell all of us are barely getting by
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fulldawg
Champion Author Georgia

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Message Posted: Jan 30, 2013 2:20:30 PM

Stay tuned! you will soon hear "Severe thunderstorms in the southeast cause rise in regional gas prices."
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thirty8paces
Champion Author Baltimore

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Message Posted: Jan 30, 2013 2:17:13 PM

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.
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monarch57
Champion Author British Columbia

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Message Posted: Jan 30, 2013 2:10:59 PM

Shame on big oil companies for being so GREEDY,
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NashGas
Champion Author Nashville

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Message Posted: Jan 30, 2013 2:09:01 PM

The man following his plan to keep us all down.
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Tbowles13
Rookie Author Arkansas

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Message Posted: Jan 30, 2013 2:08:43 PM

Its only going to be on the rise.
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chyguy3
Champion Author Wyoming

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Message Posted: Jan 30, 2013 2:05:34 PM

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.
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Chadgas
Champion Author Missouri

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Message Posted: Jan 30, 2013 2:03:46 PM

and it's going to keep going up.
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arnerator
Champion Author Seattle

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Message Posted: Jan 30, 2013 2:02:46 PM

Recently, stations here have have raised prices 10 to 20 cents per gallon. RIP OFF
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SSchmidty
Champion Author Illinois

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Message Posted: Jan 30, 2013 1:54:59 PM

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!
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geoutpb
Champion Author Midland Odessa

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Message Posted: Jan 30, 2013 1:53:15 PM

More of the same.
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blitzntj
Champion Author Jacksonville

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Message Posted: Jan 30, 2013 1:46:31 PM

and don't we know it
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HawaiianGuy
Champion Author Idaho

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Message Posted: Jan 30, 2013 1:45:29 PM

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.
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marion1739
Champion Author Missouri

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Message Posted: Jan 30, 2013 1:44:07 PM

Look for 5 a gallon gas soon
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CheckitoutGuy
Champion Author San Diego

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Message Posted: Jan 30, 2013 1:41:32 PM

Yep
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Ken2OD
Champion Author Grand Rapids

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Message Posted: Jan 30, 2013 1:41:23 PM

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]
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PithyOpiner
Champion Author Stockton

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Message Posted: Jan 30, 2013 1:40:05 PM

Can't blame them for wanting mo' money, can you? We'd do the same if we could.
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