Gas dollars and bills
Just when you thought an $11 hike in one day couldn’t be sustained, the oil market proved you wrong.
Oil prices jumped to a record $139 a barrel on Friday, June 6, but dropped about $4 on Monday, June 9. Unfortunately, prices hiked up another $6 Wednesday morning, June 11, before settling down to a less-than-meager $5 above Tuesday’s prices to $136.38.
What?
That means we’ve barely made up for Friday’s peak. Gasoline futures for July rose nearly 15 cents. Average gas prices in the United States for regular unleaded were posting at $4.05, according to AAA’s fuel gauge report.
The Energy Department predicted last week futures would drop to fall in line with the nation’s dipping consumption; but demand remained steady enough to push prices even higher, draining pocketbooks.
On the hill, consumers saw the defeat of the Consumer-First Energy Act in the Senate; Republicans pushed the Democrat-backed bill - a comprehensive piece of legislation which pushed for windfall taxes and margin regulations, as well as allowed the U.S. Attorney General to sue OPEC for monolopy rights, among other aggressive tactics - out the door, saying more taxes would only encourage higher prices.
Democrats promised a come-back with more specific legislation and regulation.
For the best local gas prices, go to www.gaspriceslive.com
