Pressure at the Pump / What's Driving Gas Prices Higher? -- Blame $4 Gasoline On Middle East Turmoil Alone
The Commercial Appeal (2007-Current) › May 23, 2011
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Summary
As Americans prepare for Memorial Day weekend and the busy driving season it ushers in, gas prices - already exceeding $4 a gallon in much of the country - threaten to thwart vacation plans and slow the economic recovery.
Gas prices typically climb by about 5 percent in summer, and they've already risen steeply this year. From Jan. 3 through May 16, the tab for a gallon of regular unleaded rose from $3.07 to $3.96 - a 29 percent jump. During the same period last year, it went up about 7 percent.See the full content of this document
Extract
Pressure at the Pump / What's Driving Gas Prices Higher? -- Blame $4 Gasoline On Middle East Turmoil Alone
High crude-oil costs are being driven in large measure by Mideast turmoil and unprecedented worldwide demand, led by countries such as China and India. But other factors - including market speculation, refining margins and rising corn ethanol prices - add to the pump price, some market observers say.
Tracing oil from the ground to your gas tank reveals how these costs ad...See the full content of this document
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