NEW YORK (CNNMoney) -- The nationwide average for gasoline prices rose for the 26th straight day Sunday, topping the $3.76-a-gallon mark, according to the motorist group AAA.
The average price of regular unleaded gasoline climbed 0.7 cent in the latest 24-hour period. The price of gas is up from $3.47 a month ago and $3.69 a week ago. Last year at this time, gas was $3.49 a gallon.
The average price is now only 35 cents lower than the record high of $4.114 set on July 17, 2008. Average prices for regular gasoline top $4 a gallon in California, Alaska and Hawaii. At $4.38 a gallon, Hawaii ranks as the nation's high. Prices are within a nickel of the $4 mark in Connecticut, New York and Oregon, according to AAA.
Gas prices have been rising on the back of soaring oil prices, which have surged 10% over the past month amid fears that tensions with Iran will lead to an all-out war that causes a disruption in oil supplies.
Signs of an improving economy have also boosted oil prices, as has the stock market. All three major indexes hit multi-year highs this week, and the S&P 500 (SPX) has risen by more than 8% in 2012.
But some economists worry that high gas prices could be the tipping point that brings on a new economic downturn. "I don't think for a minute consumer confidence levels can be sustained in the face of sustained high gas prices," said Bernard Baumohl, head of the Economic Outlook Group, a Princeton, N.J., research firm.
As gas prices soar, Republican presidential candidates have tried to tie President Obama's policies to the increase.
On Thursday, Mitt Romney said Obama "should be hanging his head" over his energy policies and accused the president of slowing domestic production. Romney advocated opening federal lands to drilling and easing regulations on fracking, a controversial policy that involves pumping water into rocks to harvest gas.
Also on Thursday, Obama delivered a speech in New Hampshire that stressed that domestic oil and gas production is at its highest point since 2003. But he also emphasized the need to develop new energy sources, as domestic production alone is not enough to keep up with U.S. demand.
The president called on Congress to end the $4 billion in subsidies to the oil industry so as to better incentivize companies to seek out clean-energy technologies.
I think the gas prices are ridiculous...Nobody in there right mind should have to pay that much for gas. I'm thinking i should start riding the bus again i always had money then..
ReplyDeletecheyenne j3
I think that nobody should have to pay for that much gas. I think just because of oil we shouldn't have to pay higher gas prices. I also think that riding the bus would be easier so than people won't have to pay the ridiculous amount of gas.
ReplyDeleteMacKenzie Ness
I think that it is wrong that they are increase gas prices. People are ready having problems and now they have to deal with this. I think that the people should vote if they want this or not.
ReplyDeleteJimmy P.7
the problem with the gas prices is the cost of buying from other countries.first we should put taxes on imports and then they might have to come up with a compromise then tell them to lower oil prices.we have to pay taxes on goods to our country so why don't other countries have to pay taxes on what gets imported to them.
ReplyDeleteTim M.7
I think that it is outrageous to have such high gas prices; however, I don't think that we can complain about it. I say that because we are completely dependent on oil. The only way that we will be able to change this is to find other alternatives: electric cars, etc. OPEC and the countries that sell the US oil have control over our economy and prices. The United States is known for its power and we should not be held captive by these oil-powering nations.
ReplyDeleteAnna C3
We need to figure out a way to get fossil fuels where it doesn't cost so much money. Gas prices don't need to be this high. People shouldn't have to put that much money for gas because they need it for other things.
ReplyDeleteElle O. P7
Im sorry, but I can't help it laughing a little bit, reading this. Im from Denmark; A tiny country in Europe. We pay about 9 dollars a gallon right now. But it's not a problem as it is overhere. I think the reason is quite simpel: We buy cars that drives longer on the gallon. There are almost no SUVs or 4x4s. Insted we have smaller cars, that often goes 48-60 miles per gallon of gas.
ReplyDeleteMikkel M1
I agree with just about everybody here that has already commented. The gas prices are ridiculously high. We need, in my opinion, to find other fuel alternatives. We also need to start using vehicles that are electric, but to generate electricity you have to use fossil fuels. It's a double edged sword you end up using fossil fuels anyway. I think though that we shouldn't start complaining yet, because like Mikkel said in the comment above mine, people in Europe are paying 9 dollars a gallon. Although I think we need to start looking for alternatives.
ReplyDeleteBarrett B.3
Like everyone else, I think the gas prices are outrageously high and something needs to be done. We are way too dependent on foreign fuel producers. What we need to do is find different fuel sources or even like MIkkel mentioned, get more fuel efficient cars. The guys who are out there driving a diesel truck with a lift kit on it shouldn't be complaining about gas prices.
ReplyDeleteMolly M. P.1
I think gas prices are high but not to terribly high, we could be paying a lot more instead of the 3 something we have here, but come on a lot of these people that are complaining about high gas prices are the people that are driving around big trucks and suburbans. I think that this is uncalled for what do you need a truck for when you are just driving back and forth from work or through town. I could see the use of having a truck if you hauled thing with it or pulled trailer a lot but if you are just driving it as a regular vehicle it just is so much more expensive then that of using a car, even the bigger cars that also run on v8 still get better mileage than the truck and suburbans.
ReplyDeleteJoel U. P.7.
I think it is absolutely horrible that gas has rose this high. I remember my grandparents telling me about times when gas was only 50 cents and I can even remember a time when it was only $1.50 or so. I cant believe that people are even paying them prices, yes we do need do drive places and commute but what about the people that cant afford to dive everywhere. I wish there was something we could do to make the price of gas go down because this summer isnt going to be fun for anyone who doesnt have a job. You always have your bike!
ReplyDeleteChelsey Daly
P.3
This is outrageous. You can't just raise the gas prices that high. they should have a limit on just $2.00 and no higher. Sometimes you need a vehicle that requires gas to get the job done. With almost $4.00 for a gallon of gas, no one can get the job done.
ReplyDeleteThanousay k. p7
Those gas prices are ridiculous. You can't get anything done with high gas prices. You need the gas to get to work and then your pay check pays for the gas and your insurance. But most of that money goes into the gas now and you basically make nothing at all. I think there should be a cap on gas. Also diesel used to be cheaper than gasoline.
ReplyDeletePaul o. p7
i agree with most everybody on here. The gas prices are outragiously high. I think we need to start getting fuel from somewhere else. Like Chelsey said we need a car to get places but what about the people who can't afford it. There needs to be something done about it and I wish there was something we could do.
ReplyDeleteAlyssa C. p3
I agree with the majority of the comments on here, but I like what Joel pointed out. Many people complain about gas prices but yet you still always see those big nice trucks and saburbans and fancy cars that are mainly gas hogs. I also agree that the gas prices aren't the pretties even with normal vehicles especially for young people in school with only part time jobs.
ReplyDeleteKatie V.p3
I do believe that gas prices are to high. But Mikkel's comment makes a ton of sense. I totally think that if we're going to complain about how high the gas prices are, we could be trying to make changes ourselves. We could be buying smaller cars with better gas mileage instead of all the fancy gas guzzling vehicles. Sometimes the bigger trucks are needed for work and what not, but many families have more than one vehicle so when you're not working, drive the smaller one to save gas. I feel like the government does need to make a better effort to find an alternative to gasoline if they are not going to find a way to lower the price though. Like it said in the article, the poor gas prices could possibly be the start of another economic downturn. Our economy is still in bad shape the way it is so instead of just complaining about the gas prices, we need to do something about them.
ReplyDeleteTyler H. p3
Gas prices are crazy high, but I guess we're just lucky we don't live in Hawaii, where gas is over $4.00 a gallon. I think we should be careful though, since we are buying our oil from Iran and we don't exactly get along with them. What would we do if they quit selling to us?
ReplyDeleteShannel D. 3
The price of oil is indeed outrageous! however instead of putting up such a stink we need to be trying to better our oil saving inventions; such as the electric car. Also such we are such a powerful nation; I think the Obama Administration should find easier ways to get oil instead of fighting with Middle East countries for it
ReplyDeleteLynn A p7
The gas prices now are definitely not necessary. With the oil prices that high, obviously something needs to be done so people can afford the things they need. Of course an electric car has its pros and cons, but I still think that those would help people out in society. The newspapers and TV's are always pointing out ways to 'save the earth!' but nothing really seems to spark up and make a difference. Just like new cars are coming out, but none have really made a difference as to 'save the earth!'. The leaders of our states and nation need to start looking into this more; this could become a serious problem for our citizens.
ReplyDeleteLiana H.3
Coming from a consumer, gas is probably the most expensive thing i buy regularly. These prices are over and above what they need to be and should be. Instead of raising prices we need to find a viable solution to help reduce the dependence of this natural resource. One fuel I feel we should focus more in is Bio fuels. Trying to improve these could be a way to reduce the need.
ReplyDeleteBlayke N. p7
I agree with Blayke that we need to focuse more on Bio fuels. By doing this it would cost way less & in the long run help a lot of families out. Honestly since I have started driving literally all my money goes towards gas. As an economy we really need to step it up and either find new fuels or we need to invent cars that can go much longer then the ones we already have. Pretty soon no one will be driving anywhere because of such high prices.
ReplyDeleteKristin M. P3
Even though gas prices are accelerating I think it's a good thing. It means that our economy are doing well enough to afford it. If it was doing down then there's going to be the danger of deflation and things would turn for the bad.
ReplyDeleteTanoyS.P7
I think gas prices are getting outrageous.When i buy gas for my truck my wallet shrinks so fast because my truck is not good on gas.So it would help me and a lot of people if gas prices would go down.
ReplyDeleteChris Chandler Pr7
I think that we need to find a better way to fuel our cars. The way tings are going with gas are making the economy bad, and they are poluting the
ReplyDeleteearth we live on.
Cortney s. Prd1
I think that the gas prices are getting really bad. I agree with cortney, that we need to find a different way to run our cars and that if we find a new source it could be cheaperand better for the enviroment.
ReplyDeleteCody S. period 2
LAST COMMENT
ReplyDeleteI honestly that gas prices are really high and shouldn't be that way. I also think that if we didn't have money for gas how else are we going to drive. I think that they need to make up there mind on how much gas is.
ReplyDeleteMacKenzie N. 1