Gas Prices Hit An All-Time High

Lundberg Survey: National Average Price For A Gallon Of Regular Is $3.18

(CBS)  The national average price for a gallon of regular gasoline is $3.18, according to the latest Lundberg Survey. As CBS News correspondent Randall Pinkston reports, that is the highest average cost per gallon ever in the United States – even adjusting for inflation.

These days, every trip to the gas station is an experience in sticker shock. A gallon of regular gas costs $3.24 in New York. It's $3.45 in Milwaukee, and $3.59 in Chicago.

This weekend alone, from Friday to Sunday, the average price of gas went up another 5 cents per gallon.

A gallon of mid-grade gasoline averaged $3.29, and premium cost $3.40, according to the latest Lundberg Survey of seven-thousand gas stations across the country.

The price hikes are giving oil companies another banner year. First quarter profits for Exxon-Mobil totaled nearly $9.3 billion. Royal Dutch Schell picked up more than $6.9 billion. The number was $4.7 billion for Chevron.

In a December interview with CBS News, Shell's president defended the industry's high profits.

"The profits are high because the crude price is high, and the cost of producing that crude has not materially changed," John Hofmeister said. "Future investments cost more money."

Oil executives downplay the amount of fuel that can be produced from home grown sources like ethanol.

"I think independence is naive," Hoffmeister told CBS News.

U.S. inventories are at record lows for the pre-summer season – a sure fire formula for higher prices in the future. But many consumers are hurting right now.

To cope with climbing prices, commuters like Denise von Wilke are looking for every possible way to save. She drives more slowly and car pools with a co-worker for her 47-mile trip to work.

Von Wilke also uses the Internet to find bargains. She says she can find the lowest gas prices in all of New Jersey from her desk.

Across the country, the lowest price for regular fuel was $2.87 in Charleston, South Carolina, and the highest was in Chicago at $3.59 a gallon, according to the Lundberg Survey.

Higher fuel costs are driving many Americans to mass transit. The American Transportation Association reports more than 10 billion trips on trains and buses last year – the highest use of public transportation in 49 years.

[michellem99-2009]

Gentle UK reader. While it seens less costly to you than yours. I can't drive due to legal blindness. When the price of petro/gas goes up. So does everything. It hurts us poor. Most are on a fixwd income. I have to eat what I can get low cost and that means a can of beans, a tv dinner or what is on sale. It means one meal a day. I and my friend take mass transit. We are in our 50s. We walk as well.
Americans have to learn to drive less and conserve gas as they must.

[mudlogger]

Go ahead and boycott and pass the windfall profit tax. When oil reaches $8.00 per barrel and gasoline is back to $1.30 per gallon so many SMALL exploration companies will go out of business and so many wells will be plugged that the next time around you will need alternative energy because the gasoline won't be there. Coupled with that will be a significant decrease in natural gas exploration so electricity will be generated with "clean coal" lol and you can hang on for those prices. Plus the welfare rolls and the unemployment lines will burgeon by about 50% because all the oil field workers, who don't make all the big money, will be out of work and your tax money can support them.

[dreamer0071]

I can't understand them having Billions in profit and still charging so much for gas. I gas is up diesel is down and both come out the same hole. An the first of the week it is low and come Thursday it is high again Thur the weekend. I am on Social Security and get $643.00 out of that I have to do the best I can. But 4 trips to Atlanta witch is round trip is about 290 mile each time a total of 1160 a month. To see are grandson who is in a group home and we have to go for group therapy for the family till he is able to come home. And the are other doctor we have to take him to that is not part of the 1160 mileage. So with the price of gas it looks like some is getting screwed and I don't its the Gas people, its the working person an the retired need alternative fuel's at a better price.

[scotsman-uk]

although I appreciate that prices have been rising - how would you like to
pay $ 10 per gallon { mid-grade } which is the price in the UK and its rising
fast and likely to reach $ 12 per gallon in one or two weeks.

If that is not bad enough - if you drive into London it will cost you $ 16 per day
and double that to park for a few hours.

so from my side of the pond your gas prices are cheap

[scotsman-uk]

although I appreciate that prices have been rising - how would you like to pay $ 10 per gallon { mid-grade } which is the price in the UK and its rising fast and likely to reach $ 12 per gallon in one or two weeks.

If that is not bad enough - if you drive into London it will cost you $ 16 per day
and double that to park for a few hours.

so from my side of the pond your gas prices are cheap

[mikealford3]

"The price hikes are giving oil companies another banner year. First quarter profits for Exxon-Mobil totaled nearly $9.3 billion. Royal Dutch Schell picked up more than $6.9 billion. The number was $4.7 billion for Chevron."


With everything going on in our economy, isn't it about time for us to stand and say enough is enough. These big companies claim such a shortage of oil, yet they reap huge profits. In most businesses when a product is in short supply, lesser profits reflect that. Yet when oil is in short supply there is more profit.

I would bet the Exxons of the world are loving this shortage of oil. Who wouldn't love this business strategy, sell less product and make more money.

Perhaps Exxon and all the rest of the oil companies need to be dealth with like Enron.

[kyosa2]

Here is Kyosa's way of solving the gas pricing problem.

First, imagine if your town had a business that no one liked because the prices were too high. If everyone decided to boycott this store they would have no choice but to pack up and leave or lower their prices.

Kyosa2 says lets boycott Exxon until the price drops below $2.00 a gallon. Better yet let's go to the pre-Bush era of $1.30. If everyone boycott's Exxon they will have little choice on what to do. It'll either be lower their prices, change their product name, or wither and die. Once Exxon is under control we can shift to another company, but I believe most would fall in line once Exxon's prices dropped. Otherwise, they would then get all the business unless the others fell in line. Kyosa2 says as of May 23, 2007 the boycott begins. Start sending an e-mail to everyone you know. Boycott Exxon until the price reaches the pre-Bush era of $1.30.

Spread the word, spread it loud and spread it quickly.

Kyosa2 says its time for gas companies to learn what they are doing the average joe.

[kyosa2]

Here is my way around the gas issue. First, imagine if you wanted to rid your town of a seedy business. If the entire town refused to buy their product they would have no way around it. Eventually they would have to pack up and leave or change their name and resurface. Pass this word on to everyone you know via e-mail, phone and personal conversation.

As of this day May 22, 2007 begin a 2-month boycott of Exxon until the end of August. At the beginning of September shift this boycott to BP. If by the end of August the price has not dipped dramatically continue to boycott Exxon.

There is no way Exxon would be able to survive without people purchasing their product.

Spread the word. Boycott Exxon until the price drops below the $2.00 mark....or better yet $1.50

Kyosa2

[kyosa2]

Here is my way around the gas issue. First, imagine if you wanted to rid your town of a seedy business. If the entire town refused to buy their product they would have no way around it. Eventually they would have to pack up and leave or change their name and resurface. Pass this word on to everyone you know via e-mail, phone and personal conversation.

As of this day May 22, 2007 begin a 2-month boycott of Exxon until the end of August. At the beginning of September shift this boycott to BP. If by the end of August the price has not dipped dramatically continue to boycott Exxon.

There is no way Exxon would be able to survive without people purchasing their product.

Spread the word. Boycott Exxon until the price drops below the $2.00 mark....or better yet $1.50

Kyosa2

[inupiaq_2]

So much for, of the people, By the people,and the pursuit of happiness. apparently,this phrase doesn't apply to the american public anymore.It's more like, do unto other's , before they go broke,after paying for a war that's not doing much good in America.

[inupiaq_2]

So much for, of the people, By the people,and the pursuit of happiness. apparently,this phrase doesn't apply to the american public anymore.It's more like, do unto other's , before they go broke,after paying for a war that's not doing much good in America.

[rjnicholsjr]

It's all another way for the rich to keep getting richer by stealing more from the poor. As more and more people are unable to afford basically getting by they'll have to pay for gas to get to work instead of things like mortgages, then the rich will buy up foreclosed properties and business.

[talkingham]

By the way Alaska whiner, perhaps that half-billion dollar bridge to nowhere sought by your corrupt republican senator could be added to your state's oil revenues to help defray the cost of getting that gas up to you.

[talkingham]

I'm glad to know we've been fighting so hard so that the good people of Iraq can "own" their country's oil resources. What about our own oil resources? It's become more important for our economy to control these resources rich. It's time we nationalized our own resources and started forcing the price of gas down worldwide instead of causing it to go up in wars of agression against innicent people. Iraq never attacked us. NEVER. How long will Bush's War go on? Long enough to get gas to $5 a gallon in the US and for Cheney's Halliburton stock portfolion to grow to absurd portions.

Evidently lies, phony foreign policy, and no energy policy that holds producers responsible is the way to go. Bush isn't smart enough to make this stuff up on his own. Too bad his little rat who helped lose Iraq and whose reward was to head the World Bank Wolfowitz got caught with his thingy illegally pumping up his girlfriend's salary and had to step down. The Demos didn't lose Iraq but the argument can certainly be made that Wolfowitz, Bush and Rumsfeld did.

[gunownerdan]

With record gas prices come record profits for the oil companies.
It's exactly what the dirty democrats and the rotten republicans want!

[catemark1]

what we need to do is to create a gas war between the major companies. I say start a nationwide boycott against Exxon-Mobil.

[jetranger7]

AMERICA IS OVER FOLKS, ITS ALL WASHED UP, THANKS TO THE CORRUPT REPUBLICANS WHO NOW HOLD PUBLIC OFFICE !!!! JUST WAIT TILL OUR TROOPS CAME HOME AND SEE WHATS HAPPENED AND WHAT WE LET HAPPEN WHILE THEY WERE SUPPOSEDLY FIGHTING FOR THIS COUNTRY !!!!! ITS TIME FOR THE REVOLUTION,,,, TO BEGIN,, LET THE HANGINGS ,, BEGIN !!!!!!!!!!!

[sclaires]

When Bush came into office in 2000 gas was about $1.65 a gallon. And, look where it is now!!! WHY!!! Bush and Chaney have let the oil companies know that they can raise the price of gas as high as they want and we will pay it. Bush & Company do not care about the American people. They do not have to pay for the gas for their vehicles as the taxpayers are. It is about time to start taxing the profits of the oil companies and also find out the REAL reason oil refineries are off line. I bet it isn't for the reason the oil companies say it is.

Oh, and I saw gas go up 20 cents a gallon just over night here in S.C. Why??????

[bobebenson]

Hey Americans, Are you REALLY MAD about this issue? HOW MAD ARE YOU, REALLY??

If you want to turn the oil companies on their ear, CARPOOL! TAKE PUBLIC TRANSPORTATION! Two people sharing a ride to work cuts gas usage by FIFTY PERCENT! A fully loaded bus or commuter train replaces FORTY CARS!

All through my life I have seen that when Americans band together to fight a common problem, Hurricanes, Tornado damage, Drought..Do you all remember the big Haylift a few years ago when northern farmers drove thousands of bales of hay southward to help out farmers in the south
during the drought?

You Webpage designers, could you organize a carpool/shopping site foryour community?

When the people of this country have seen a need and have become truly
involved in a problem miracles have happened!
We could bring the thieving oil companies to their knees! We've just got to get MAD ENOUGH TO ORGANIZE! WE DON'T NEED GOVERNMENT TO DO IT, LET'S DO IT OURSELVES!!

That is, if you're REALLY as frustrated as you say. Anarchy anyone?

[av8tr1]

Please send some your $3.18 gasoline to Western Alaska. We've been paying $4.70 per gallon since last fall, and are frankly getting a little tired of listening to your whining about it.
As long as you keep paying the amount the oil companies ask, they will continue to raise prices until you refuse to pay it. If you really don't want to pay over $3 for gasoline, stop buying it, and then the price will come down.