Consumers have been spending more on gasoline than they have in nearly three decades.
With pump prices at their highest level on record for this time of year, the stage is set for an even greater climb in gasoline prices and expenditures than in 2012. Retail gasoline prices have surged 17 cents in a week to top $3.50 a gallon on average, posting the highest prices on record for the beginning of February.
Rising fuel prices has more to do with the higher cost of crude from the Bakken, deep sea, and Canadian oil sands, plus the fact the US refineries export Diesel and Gasoline to South America and Western Europe where they get a premium over US sales.
Money printing and the continue debasing of your dollar is why oil is going up! You blame Obama? LOL! Try the incompetence of your leaders, on both sides, passing laws that favor Corporate Fat Cats and the rich for the past 4 decades!!
Here's a financial excercise: The stock market was 14,000 in 2007 and gold was $700. an oz. before the crash. Approx 5 years later, the stock market is 14,000 again and gold is $1,681. an oz. What's the real value of the stock market in gold backed dollars?