We resist writing posts on how expensive gas is nowadays because if we made it a habit, that's all we'd write. Every once in a while, however, there's a news story about gas prices that we can't ignore. This past week, the national average price of gas beat the previous record set in the first week of September 2005, the week following Hurricane Katrina's devastating landfall. The national average price of gas peaked at $3.11 that week. Since last January, however, the national average has been increasing on an uninterrupted pace. At the end of the first week of May, the average stood at $309.70. On May 14th, it was reported by the government to have risen to $314.30, eclipsing the previous post-Katrnia record. (Click here to view the government's archive of average fuel prices.)
We don't claim to be analysts in this area, so we wouldn't venture to guess what various factors are conspiring to push the price of gas ever higher. We don't know if or when it will level off, or perhaps even decrease, though we imagine the retreat of summer and colder temperatures will bring some relief. Nevertheless, we though it prudent to point out that as of May 14th, the price of gas is truly at record levels.
[Source: DailyFuelEconomyTip, Energy Information Administration]