Gas at $3.50 a gallon; oil spikes to $117 a barrel

[Ladywriter 7,783]

'It’s killing us,' says struggling New York cab driver

NEW YORK - Retail gas prices hit another milestone Monday, tightening the squeeze on drivers by jumping to an average $3.50 a gallon at filling stations across the country.Crude oil, meanwhile, set a new record of its own, spiking above $117 a barrel after an attack on a Japanese oil tanker in the Middle East.

“It’s killing us,” said Jean Beuns, a cab driver in New York who estimated he is making $125 to $150 a month less than in the fall because of costlier fuel. “And it was so quick. Every day you see the price go up 5, 6, 10 cents more.”

Diesel prices at the pump also struck a record high of $4.20 a gallon, according to AAA and the Oil Price Information Service, putting pressure on truckers and other shippers who rely on the fuel to transport goods to market.

Prices are expected to keep climbing as they trace the path of crude, which has surged to new records for six trading sessions in a row. Oil prices are rising along with a host of commodities, from corn and wheat to gold and platinum, that are enticing speculators seeking hedges against a weakening dollar.

Light, sweet crude for May delivery rose to a record $117.60 a barrel on the New York Mercantile Exchange but later fell back to $116.29, down 40 cents from Friday’s close.

Nationally, retail gas prices jumped more than a nickel over the weekend, and are up 23 percent from a year earlier. Drivers are paying the lowest prices in New Jersey and the most in California, where a gallon of regular is now averaging $3.86 for a gallon.

For motorists, the worst may be still to come. That is because the summer driving season, when demand is at its greatest, has yet to begin.

“People want to drive, they need to drive, they have to go to their job,” said Samer Katib, manager of a Marathon station on Chicago’s South Side. “But people who would drive around or go places for fun, they’re not doing that any more. It’s just go to your work and go home.”

The Energy Department predicted earlier this month that monthly average gasoline price will peak at over $3.60 per gallon in June and could possibly reach the $4 threshold.

fuuuuuuuuck

[Dubird 6,815]

you know, as much as i'm looking forward to the tax rebate we're getting, if the government really wants to help the economy, find a way to stop the rising gas prices!!....

[gokuDX7 2,871]

The iran president made a statment about the price of Crude oil being to cheap and how the world doesn't know it's true value. He mentioned he wanted the prices to go up to what he thinks it's really worth. lol it's gonna suck if he has them raise the prices. Although it would finely encourage people to start looking into alternative fuels.

[DeathscytheX 9,732]

It would be funny now to drill in Alaska, It may only last 5-10 years, but all we need is 3. Total financial cut off from US dollars would crush the economy of the middle east. It may cause a new energy crisis, but it would be worth it to see them suffer.

[Ladywriter 7,783]

find a way to stop the rising gas prices!!....

OPEC has been insisting its not them, its our dollar. The Fed (let us not forget GW just gave them more power) is responsible for the US money drama.

If we want an end to this kind of screw job our money has to be ours not borrowed. The Fed needs to take a long walk off a short pier.

[HKofsesshoumaru 673]

Some places along the California coast highway is 5+. My husband is in California right now and it's up there at 3.50. I got gas yesterday here in Arizona at AM/PM for 3.25 a gallon. I have a neon with a 10-11 gallon tank. What used to be an easy 20 bucks to fill (this time last year) it is now 35! Thankfully I am a 15 minute drive to work. I would ride the bus, but we have some scary ass people who ride the bus around here. I'm curious to see what our light rail will be like.

[DeathscytheX 9,732]

Its $3.49 here, so it pretty much is $3.50

[Eppy 3,446]

doesnt bother me....but im the guy that fills his tank like every 2 months

[gokuDX7 2,871]

$3.30 here.

[Zepling 100]

3.85 here.

4.19 in San Francisco.

[Strider Hiryu 2,704]

Some places along the California coast highway is 5+. My husband is in California right now and it's up there at 3.50. I got gas yesterday here in Arizona at AM/PM for 3.25 a gallon. I have a neon with a 10-11 gallon tank. What used to be an easy 20 bucks to fill (this time last year) it is now 35! Thankfully I am a 15 minute drive to work. I would ride the bus, but we have some scary ass people who ride the bus around here. I'm curious to see what our light rail will be like.

Theres a couple Circle K's here in Tempe that are over $3.50 atm. I'm really glad I don't have my car anymore, then again I feel bad for my roommate who drives me everywhere (I do help pay gas though).

[gokuDX7 2,871]

It would be funny now to drill in Alaska, It may only last 5-10 years, but all we need is 3. Total financial cut off from US dollars would crush the economy of the middle east. It may cause a new energy crisis, but it would be worth it to see them suffer.

lol destroy Alaska, give the oil company's another reason to raise prices again but on the up side we just single handedly crushed the middle east economically huh? haha.

[Vincent 2,861]

yeah, it's pretty much $3.90 here......you people and your 3.50 got it good...

[CabbitGirl 4,018]

i was bitching about $3.09.... then the next day i haaaaaad to fill the tank (since i didnt want to the day before) so what happened? next day im driving around and gas went up to $3.25 and up. wtf.

[HKofsesshoumaru 673]

Gas in priced $5.40 in Gorda Springs, California. It's one of the only the only gas station along the pacific highway.