Gas Prices in Limbo

Gas Prices in LimboThe floods in Iowa this week could predicate rising gas prices, yet reports of a decline in gas sales have urged companies to finally keep their prices points low. In the second day of slippage, gas prices have shown that their prices have increased 36% versus a 94% increase in bulk oil. The discrepancy is hard to miss, but the demands for gasoline have been decreasing since January, with many people using alternative transportation such as busses, bikes and carpools.

The upcoming financial forecast for fuel suggests different outcomes. A potential strike in Nigeria, as well as the floods in the Midwest, could drive up the prices of gas, but as crude oil continues to fall, gas prices may as well.

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U.S. Finally Hits $4 a Gallon for Gas

bulk oil Bulk oil once again hit a mood swing as it surged towards $140 a barrel, only to fall by day’s end. However, the average gas price has hit $4 a gallon, though some areas have been paying up to $4.45 a gallon for regular unleaded gas.

Oil also continues to decline based on the lack of consumption based on the current record break gas prices.

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Oil Prices Continue to Fluctuate

Oil Prices Continue to FluctuateLast week, bulk oil prices fell away from the $130 mark and ended the week at $122. Now, oil prices are rising again to $123 a barrel. This comes at the heels of the dollar weakening against the Euro, as well as beginning of hurricane season. The changing oil prices has failed to slow the prices of gas, however, as it inches closer to an average of $4 a gallon, though most states are paying beyond that now.

Analysts predict that the $4 mark will be the peak and begin to drop as the summer progresses.

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Oil Supplies Drop, Gas Prices Rise Again

bulk oilOn Thursday, declines in bulk oil due to delays with tankers along the Gulf Coast have caused gas prices to rise towards a national average of $3.95 a gallon. Analysts predicted gas prices peaked over Memorial Day weekend, but with Indonesia pulling out of OPEC and the current tanker problems, they are now forecasting a $4 a gallon on a national level soon.

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Oil Prices Decline; Summer Boating May Be Saved

Oil Prices Decline; Summer Boating May Be SavedWith the boating industry facing an uncertain summer, bulk oil prices went down under $130 a barrel on Tuesday, after the traditionally vacation-heavy Memorial Day weekend. Prices sank amidst reports that demands for gas had dropped due to high costs; others speculate that it was simply a high peak in the normally high holiday weekend.

With these declining prices, analysts are now claiming that gas prices may not reach $4 a gallon, after all.

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Raised Fuel Prices Makes Boaters Uncertain

Raised Fuel Prices Makes Boaters UncertainAs reported by NPR, the summer season in New Hampshire’s Lakes Region is just getting started, but as gas and outboard motor oil prices continue to set records on land, some boat owners are keeping their vessels in storage or selling them altogether.

That’s already starting to affect marinas that store, dock, rent and sell boats. Other businesses, such as charter boats and tourist cruises, are setting their summer rates and weighing whether to swallow high fuel costs or pass them on to customers.

Of course, this sudden conservative attitude towards boats means that with a waning demand, the waters are clearer for a more personal boating experience. Though the price of outboard oil is slightly up, the experience of a relaxing boating trip may be worth the hit. However, if you’ve planned your finances accordingly, then boating this summer won’t be such a worrisome activitiy.

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Oil Prices Rise in Time for Memorial Day

Oil Prices Rise in Time for Memorial DayMemorial Day weekend is the unofficial start of the summer traveling season and is usually the time when oil prices slightly rise. With less than two days until the weekend begins, bulk oil prices hit a record high of $132 a barrel. This shot up gas prices to $3.80 for the national average. The news comes in light of a report from the U.S. Energy Information Administration that claims gas and oil stocks had declined, as well as President Bush’s unsuccessful trip to the Middle East, requesting a higher production rate.

Analysts are now predicting a national average of $4 for gasoline within the next month and $140 a barrel come September.

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New Records Continue to Haunt Pumps as the Start of the Vacation Season Creeps Closer

bulk oilThe price of bulk oil – yet again – continues to rise to new heights as it reaches near $128 a barrel, pushing the average to roughly $3.79 per gallon. The price of diesel fuel has also gone up to due to China’s demand to refuel their power plants in light of this week’s earthquake. This news comes as President Bush journeys to Saudi Arabia to push the production of oil in the Middle East. Analysts expect the national average for gas to reach $4 a gallon within the coming weeks, though some states are already paying that.

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Record High for Oil (Again)

Record High for Oil (Again)Today oil prices surged, yet again, to $127 a barrel. On the heels of this news are the concerns that oil prices will not go down as Memorial Day weekend (the unofficial first day of summer travel) looms closely. That said, outboard motor oil prices are also scheduled for a slight price increase. Do yourself a favor and start buying oil for the summer now. Don’t wait around or you’ll be apt to spend your summer on land.

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Oil Lobbyists to Appeal to American Public

Oil Lobbyists to Appeal to American PublicToday, the Washington Post reported that the American Petroleum Institute, the industry’s main oil lobby, is embarking on a multiyear, multimedia, multimillion-dollar campaign.

The intended audience is elected officials and the public, with an emphasis on the latter. The industry is trying to convince voters — who, in turn, will make the case to their members of Congress — that rising energy prices are not the producers’ fault and that government efforts to punish the industry, especially with higher taxes, would only make pricing problems worse.

The campaign has stirred outrage among consumer groups. They complain that the industry is using its outlandish profits to make even more money, and that its advertisements use statistics selectively.

The news comes on the heels of a brief record high of bulk oil prices coming in at $126 a barrel, before falling back down to $124.

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Dems Unveil Bill that Targets OPEC and Oil Firms

bulk oilToday as bulk oil prices again reached a record high of $124 a barrel, Democratic leadership in Washington, D.C. unveiled the Consumers First Energy Act. The bill contains provisions that feature a 25% windfall profits tax on oil companies in the U.S., as well as giving the U.S. Attorney General authority to bring price collusion charges to OPEC.

GOP leaders also had a plan to open up oil production and drilling in Alaska.

While legislators work on a solution, analysts are now predicting barrel prices to reach $160 by fall.

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Gas Tax Holiday

Bulk oil Bulk oil prices are surging to $123 a barrel, up from $116 last week. Several factors – including a recent attack on a Nigerian oil producer and the fluctuating American dollar – have caused unsteady prices in the last year. Now politicians are calling for a gas tax holiday. Sens. Hilary Clinton (D – NY) and John McCain (R – AZ) are urging to cut federal gas tax between Memorial Day to Labor Day. Likeminded state politicians are also lobbying to have the state gas tax cut in the same time period, which is particularly important since it is an election year.

This surge comes after predictions that gas prices would begin to fall; a poll by CNN has Americans expecting fuel prices to reach up to $5 a gallon.

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