Gas price news only getting worse

No doubt about it: 2011 was a rough year for gas prices.

According to GasBuddy.com, which tracks prices and trends in the fuel industry, the average price of gas in 2011 was $3.513, which was 72.6-cents per gallon higher than the average price for 2010. That increase means that average Americans spent $400 more at the pump in 2011 than in 2010.

And now Time.com is asking the oh-so-unsettling question, “When will gas hit $4 per gallon?”

I don’t know if I want to know the answer. It will probably only upset me.

Why the high prices? Here’s what GasBuddy.com said was the reason for the increased prices in 2010:

“First, our economy in North America. If it continues to grow, that would provide upward pressure on prices- as the economy expands, we use more gasoline for everything from shipping, to our cars, to more manufacturing using petroleum. Second, geopolitical tensions could rise, especially in areas of the Middle East. Libya’s crisis may be done and over with, but Iran continues to threaten the West. Beyond those two key issues, we’ll continue to see prices race higher as summer approaches and we switch to cleaner burning gasoline.”

And they’re predicting that continued instability in the Middle East, particularly in Iran, will cause prices to get worse in 2012.

Yippee.

About Ashley Wislock

Business reporter focusing on retail for the York Daily Record/Sunday News. In my spare time, I'm a social media, sports, reality TV and celebrity gossip junkie. Contact me at awislock@ydr.com or 717-771-2029!
This entry was posted in Ashley Wislock, Gas Prices, Your money and tagged , , , , , , , , , , , , , , , . Bookmark the permalink.

One Response to Gas price news only getting worse

  1. Jo Ott says:

    I wish, several years ago, I would have started to keep a record given for the reasons given for increases in gas prices. The number of different reasons must be close to 100 or more covering the last four or five years. Whatever the figure I stopped believing after a dozen or so.

Leave a Reply

Your email address will not be published. Required fields are marked *


*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>