I wonder if our non-American readers laugh at posts like this one. While record (national average) gas prices of $3.227 a gallon are a big deal here in the U.S., prices that low must sound delightful to Europeans used to paying six dollars or more per gallon. Still, if prices continue to go up the way they have, we'll be catching up with Europe soon enough.
Where are prices headed for the rest of 2008? It's anybody's guess, but the experts are saying $4 a gallon this spring wouldn't surprise them. Others are more conservative and say they expect prices between $3.30 and $3.70. For the summer, the spring price shock might weaken demand and therefore drive prices down. Still, the general trend is upwards. One reason - on top of the weak dollar and high price of a barrel of oil - that prices at the pump will increase is the low profit that refiners are making off of each barrel. This year it's just $6, compared to $38 last year. Guess who's going to be picking up that bill?

[Source: Steve Hargreaves / CNNMoney]


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