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Will High Gas Prices Disrupt the Economic Recovery? [VIDEO]
By not in system - AOL News...
Oil Tops $100 a Barrel Over Libya Unrest; Are Higher Gas Prices Coming?
By Mary Phillips-Sandy - AOL NewsU.S. oil prices hit $100 a barrel today, driven by fears that instability in Libya will continue to choke off that nation's oil exports. It's clear that rising oil prices will translate into higher gas prices for U.S. consumers. But how high will prices go, and when will they come down? Here's an overview of what industry analysts are predicting. USA Today reports that the average gas price in the U.S. could reach $3.25 this week; that's according to the Oil Price Information Service's chief analyst, Tom Kloza. The same story includes an even grimmer prediction: The U.S. economy, higher ...
Gasoline Prices Highest Ever for This Time of Year
By not in system - AOL NewsNEW YORK - U.S. gasoline prices have jumped to the highest levels ever for the middle of February. The national average hit $3.127 per gallon on Friday, about 50 cents above a year ago. The price is about 6 percent higher than on this date in 2008. The next day, pump prices began a string of 32 gains over 34 days. They rose 39 percent over five months, eventually hitting an all-time high of $4.11 per gallon in July. Although gas prices are expected to rise, most experts aren't expecting a reprise of 2008, when the price spike forced many drivers to join car pools and trade in gas-guzzling ...
Opinion: Bring on the Gas Tax
By not in system - AOL News(Dec. 9) -- After falling three votes shy of the 14 needed, the deficit reduction commission report won't make it to Congress. And dying on the vine with it is the suggestion of a 15-cent increase in the federal per-gallon gas tax. With gas prices rising this winter and the economy still struggling, any talk of a gas tax increase was likely to rile the public. But we at Edmunds.com believe that a gas tax can be beneficial -- if it's set at a much higher rate than 15 cents per gallon, and only as part of a "grand bargain" that lightens the load for taxpayers in other areas and simplifies the ...
Houston Ship Channel Suffers $1 Billion Barge Accident [PHOTOS]
By Dana Chivvis - AOL News(Oct. 4) -- How many barges is too many to push at one time? The answer would appear to be three, based on Sunday morning's accident in the Houston Ship Channel, which could cost an estimated $1 billion in economic losses, according to the U.S. Coast Guard. The channel was closed at 6 a.m. Sunday after a towing vessel pushing three barges loaded with scrap metal hit an electric tower. The tower tipped over and is now leaning precariously on one of the barges. The Coast Guard is working with the owner of the tower, CenterPoint Energy, to dismantle the tower, which it said poses no threat ...
More Bad News for the Oil Industry
By Joseph Schuman - Politics DailyOne more piece of bad news for the oil industry, but probably good for drivers who don't want to pay more for gas: The costs of constructing and operating new oil and gas facilities was just starting to rise again before the well blowout in the Gulf of Mexico, as the global economy began to recover. But the BP spill could play havoc with the industry's prospects. That's according to two "upstream" cost indexes maintained by Cambridge Energy Research Associates, which has a strong track record predicting the direction of petroleum prices and the industries that extract, process and sell fossil ...
Gas Prices Likely to Top $3 by Summer
By Steve Pendlebury - AOL News(Feb. 23) -- Even though demand for gasoline is down because of the weak economy, drivers can expect increased pain at the pump. Experts predict the rising cost of crude oil will drive retail gas prices above $3 a gallon this summer. The national average price for regular unleaded gas is about $2.66 a gallon now, according to AAA. That's nearly 80 cents more than a year ago, when prices had bottomed out after a wild ride in 2008. If the pattern repeats itself this year, prices will rise steadily for months to come. Fred Rozell, retail pricing director at Oil Price Information Service, told ...
States Raising Taxes to Cover Recession Shortfalls
By Emily Miller - Politics DailyThe recession has forced some states to raise taxes -- both personal income and sales -- to make up for budget shortfalls. In the first half of 2009, 10 states made major changes to personal income-tax rates, most of which are retroactive to Jan. 1 of this year. ...
Less Driving, More Efficient Cars Could Cost Consumers at the Pump
By Mark Impomeni - Politics DailySo much for doing what the government recommends. A commission created by Congress to study the way the nation's highway system is funded is set to issue a report later this month calling for an increase in federal gasoline and diesel fuel taxes to pay for road and bridge improvements. According to the report, the increase is needed to make up for a shortfall in revenues from the existing fuel tax. That shortfall is due to American drivers consuming less fuel and driving more fuel efficient cars and trucks. Less driving and greater fuel efficiency means less fuel purchased, and less taxes ...
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