Tuesday, August 21, 2012

Americans paying $149 million/day more on gas in Aug. 2012 than in July, prices at all time August high.

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George Bush was blamed for gas prices in 2005 ($2.30/gal.)


8/20/12, "Summertime blues for drivers: Gas at August record," AP via Bloomberg

"U.S. drivers paid an average of $3.72 per gallon on Monday. That's the highest price ever on this date, according to auto club AAA, a shade above the $3.717 average on Aug. 20, 2008. A year ago, the average was $3.578.

More daily records are likely over the next few weeks. The national average could increase to $3.75 per gallon by Labor Day, said Tom Kloza, chief oil analyst at Oil Price Information Service. By comparison, gas prices stayed below $3.70 in late August and early September in both 2008 and 2011.

Retail gasoline prices have gone up about 39 cents per gallon, or 12 percent, since hitting a low of $3.326 on July 2, according to AAA, OPIS and Wright Express. Kloza estimates that U.S. drivers are paying $149 million more each day for gas than in early July. That isn't what the sluggish economy needs, since any extra money that goes to fill gas tanks doesn't get spent at movie theaters or restaurants....Gas hit an all-time high of $4.11 per gallon in July 2008."...

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George Bush was blamed for gas prices per 2005 polls:

4/27/2005, "Bush fails to persuade Saudis to cut oil price," by Michael Gawenda, Sydney Morning Herald Correspondent in Washington

"With US petrol prices up almost 25 per cent in six months and with polls showing that Americans blame the Bush Administration for these price increases, Mr Bush said oil was top of the agenda at his meeting with Prince Abdullah."...

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Ed. note: The average price for a gallon of gas in 2005 was $2.30, per Answers.com


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