"Gasoline stockpiles nationwide are at their lowest point for this time of year since 2011, according to the U.S. Energy Information Administration. Meantime, the retail price for a gallon of regular gasoline averaged $3.68 on Monday, up 4.2 percent from a year ago, according to the EIA. That is the highest price since March 2013. AAA had the average price on Monday at $3.67.
"Gasoline futures climbed 1.1 percent to $3.0869 a gallon Monday on the New York Mercantile Exchange and are up 11 percent for the year. Prices for the futures, which are contracts to buy or sell at a specified price and time, are a leading indicator for prices at the pump and don't reflect the impact of taxes and other components of retail prices.
"While seasonal factors often account for rising gasoline prices ahead of summer, when millions of Americans hit the road for long car trips, the prospect of more gasoline being shipped overseas plays a prominent role in the current rally, analysts say."
Here's the WHAT 'TIS on gas prices. No politician can promise you cheaper gas if you just "drill, baby, drill". This practice only benefits oil companies and oil speculators. In reality, the price you pay to gas up Betsy depends strictly on the world demand for oil. Oil companies will ship gas where it can command the highest price. Politicians who push "energy independence" regarding oil (but no corresponding push for solar or wind power) are merely looking out for the interests of oil corporations, NOT the American consumer.
Feel free to do your own research if you don't believe me!
Sources:
http://money.msn.com/
http://money.cnn.com/2012/02/
http://www.moneynews.com/
