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May 28th, 2009
01:09 PM ET

Rising Gas Prices

The price for regular unleaded gasoline has soared 36 cents since the beginning of May. That’s about 12 cents higher than the Energy Department’s peak projection for the summer. You’re probably wondering what’s behind the increase, and how much higher prices will go.

Tony Harris gets your answers from AAA Spokesman Troy Green.

soundoff (17 Responses)
  1. CSM

    What a shame that the Anchor was not prepared to counter the shill.

    During the course of the discussion, we heard that the rising price (20% in the last month) was due to lower demand, issues with supply and with speculation. All the usual reasons.

    We know that the level of the prices are set to the highest level the public will accept. So you ask the questions and let the shill spout obfuscation without collecting new or useful information.

    Bad work.

    May 28, 2009 at 1:23 pm |
  2. jc

    do you mean besides whitemen? are they the exception to that question? No, race should not be, or Pres Obama would not be our President. Stop the madness...she's smarter than a fifth grader, which by the way you know these {...}, gingrich, lindbaugh, and the rest of the republican idiots wouldn't even pass! Old whitemen that no longer have a purpose in life but to be "grumpy (stupid) old men!

    May 28, 2009 at 1:39 pm |
  3. Tony

    Intro:I am a black foreigner, for you people who are obsessed with categories. I am a human, for the rest of you.
    I am amazed at the lengths to which you (CNN) have gone to examine Sotomayor's comment 'in context'. I wish you all would just report the facts; ALL of it, and then let us come to our own conclusions. You 'cherry-pick' information so as to protect the 'good looks' of Barak Obama. Sotomayor, Barak's parents, my wife and I, and millions of others worked extremely hard in this country to be where we are today. Yet, it is amazing that with all these success stories, Barak wants to change the country. Yes this country which his wife was so ashamed of, is, well, was; since he is going to 'fix' it, the only country in the world where anyone, regardless of what he or she looked like, could achieve their dreams. It took my wife and I 20yrs. of grunt work to do it. We left our 'Barak Obama' world for freedom here...... now it's quickly slipping away. You Americans have NO IDEA what your in for. Talk to the foreigners. You'll find out.

    May 28, 2009 at 1:44 pm |
  4. Greg

    Government increases spending=inflation.

    May 28, 2009 at 1:47 pm |
  5. rich sottilaro

    Let me educate my fellow americans on rising gas prices. Last year the reason that gas went to 5.00-6.00 per gallon was because of our banks and insurance companies got into buying oil and sitting on it. Thus controlling the price of gas when in fact the supply and demand at this time last year suggests that prices should have been falling instead of going up to 100..00 per barrel!!! Again our own companies are calling the shots and the middle class again gets screwed!!!

    rich

    May 28, 2009 at 2:30 pm |
  6. Engel

    Tony, gasoline prices are higher because oil is trading higher, which is a result of a depreciating dollar, which is caused by higher than average inflation, caused by low intrest rates and the US treasury printing more money (i.e the treasuring purchasing US bonds). Seriusly, a 5th grader could have figured that out. There are sellers for oil futures, which creates the "supply", and traders are trading according to the seasonal trend (+15-25% for summer), but when you factor in inflation, you see the jump in prices you are seeing now (30-45%). The argument to which there is less supply, but also a lot less demand doesn't really make sense as the cause.

    May 28, 2009 at 3:28 pm |
  7. Rick Boulware

    Sonia Sotomayor is infinitely qualified for the nomination and for a seat on the Supreme Court. Because the GOP has been in complete control for the last 8 years, they are sore that their status quo has been altered. They are so upset that Obama is president that they have resolved to gripe and carp about every move and every decision made by Obama's administration. They have opted for this sort of low-handed tactic because they are afraid to express their real concerns: that Obama is neither white nor Republican. They need to get over it and start acting like Americans.

    May 28, 2009 at 3:46 pm |
  8. Sara

    We in the US have made ourselves too vulnerable to fluctuations in gas prices. In Europe, gas is taxed and the prices are triple those of the US. Because of this, European vehicles are much more energy efficient than in the US.

    The US should have began taxing oil in the 70's. If we had, our citizens would have demanded fuel efficiency, and our American automakers would have competed for fuel efficient technology, and our vehicles would be cheaper to drive today.

    May 28, 2009 at 4:25 pm |
  9. Jack Medley

    See a trend people?

    Higher gas prices because....... well, there is no because. Because someone on Wall Street says it should be higher... it goes higher... screw that, I'm gonna drive less, walk more, and buy less gas.

    US Automakers..... if you had better fuel efficient cars, you might not be in this bind huh?

    May 28, 2009 at 5:59 pm |
  10. moni

    this sucks but i will stay hopefull . iam so tired of this i can go 6 miles in other direction and das is even 20cents higher around 2.89. if it is after midnight ware i live you willalways pay the higher rate. thet stay open late and rrealy get the latenight people.

    May 28, 2009 at 11:07 pm |
  11. michael armstrong sr.

    here comes the refineries and oil companys to finish what they started which is the destructhion of the world economy.

    May 29, 2009 at 8:20 am |
  12. Sue

    So some greedy {...} on Wall Street figures the American Public has had a few months to recover from his last money grabbing hit, time to do it again.

    Tony, what can the Average Joe do to throw a monkey wrench in this Wall Street speculation machine? We already know our oil companies still have reserves, OPEC has not suddenly decided to STOP pumping oil, and our cars are inefficient gas guzzlers. We are trying to get a handle on improvements, but if gas prices continue to rise , our country is just going to get deeper in the hole we are in.

    What can we do to stop the speculators?

    May 29, 2009 at 1:04 pm |
  13. RJ

    as sure as I sit here the government our government is secretly going behind the backs of us fellow Americans encouraging the oil companies to raise the prices so they the government can make more money off of taxes! Believe it!

    May 29, 2009 at 1:27 pm |
  14. RJ

    Hey Rick just because Republicans have ruled for the past 8 years doesnt automatically qualify a minority for the job. For a Mexican women who has been blessed to have made it in this so called terrible country to suggest that a Mexican women through her plight has better decision making skills than a white man is not only racist but its sexist as well. We need more women and minorities in the highest court, what we dont need is an ungrateful Mexican women boasting how shes got better skills than a white man is riduculas and insulting to say the least! Down with Soto, in with a fair an objective judge who will make judgements based on the law and constitution not by stereotypes and hardships endured by some minorities!

    May 29, 2009 at 1:35 pm |
  15. Rev. M. H. Talbot

    Would you please stop saying "Mr. Obama" when talking about the President! I may not have voted for him but I do the courtesy of call him "Mr. President" or "President Obama"! Calling him "Mr. Obama" is a sign of disrespect of the man and the office!

    May 30, 2009 at 12:24 pm |
  16. Steve

    If you go back and look at the 6 month period, February 2008 to July 2008, the gas increased is about $1.00. Here we go again...the first 6 months of this year gas has increased about $1.00. I bet no one really looked at this. Nothing is really different as far as the gas price increase between last year and this year other than the starting point.

    Those raising the price of gas are doing so based on speculation of what might happen in the future. We don't know what will happen in the future. Christmas is coming too but it isn't here now. Why doesn't the petroleum market just look at what is REAL and NOW?

    This speculation is what got the economy in the recession in the first place. Not only corporations but Main Street Americans speculated on what money they would make and then taking on more debt accordingly. I really hoped that this would be a wake up call for everyone but it seems only for a few. Now the market is back to its old ways. My Great Aunt once told me "Money is the root of all Evil". I believe her.

    June 4, 2009 at 7:23 am |
  17. Dan G

    Gas prices: Goes up like a rocket, comes down (IF it does) like a feather. I don't buy any of their "reasons". I just remember when gas costs 28 cents a gallon, even with weak dollars and middle east turbulence, gas prices DID NOT go up, or even change. There were no speculators pushing up prices just because they think we'll have a good economy next year. What about now?

    President Obama: All those demanding we respect the President and the office are likely the same ones who viciously insulted and trashed President Bush – from before the day he even took office!
    And President Obama needs to stop trashing Mr. Bush, too. Current presidents are NOT supposed to be doing this to their predecessor.

    June 11, 2009 at 6:36 pm |