Rising oil prices, lower refining capacity, Middle East tension and speculators are propelling prices. The spike in crude, now at nine-month highs, has driven regular gas to a record February high of $3.65 a gallon — up 42 cents over a year ago. Motorists along both coasts are paying more: an average $4.20 in California and $3.91 a gallon in New York.
Florida drivers are paying $5.89 a gallon near Disney World, while gas at some Chicago, San Francisco and Los Angeles stations is up to $4.85.
“I don’t foresee any situation — even a worsening crisis in Iran — that results in $5 a gallon gas nationally,” said Patrick DeHaan of price-tracker gasbuddy.com. “You’re going to see hot spots . . . that push prices towards $5, but the national range will be $3.75 to $4.15. We don’t see a scenario for a national average higher than that for any length of time.”
Typically, prices climb through Memorial Day. Increased pain at the pump is already heightening fears that consumer spending will slow, derailing the economic recovery. Prices hit a record $4.11 a gallon in July 2008 and peaked last year at about $3.98.”
So Americans have, for a good chunk of Obama’s presidency, paid more than the price he deemed so outrageous back in 2008.
I suppose not enough Americans are following the automotive advice of the man who probably hasn’t driven himself anywhere since 2006 or so:
“All the oil that they’re talking about getting off drilling, if everybody were just inflating their tires and getting regular tune-ups, you could save just as much.”
As I wrote in 2008, Obama’s math was wildly off, even if we could somehow ensure that not a single American drove with under-inflated tires.