Riiiiiggggghhhhhhtttt. In the last week, gas in my neighborhood has gone up by at least 40 cents, significantly more in some spots. There's a couple of gas stations that have actually hit the $4.00/gallon mark.
ABC News :
Nothing moves the price of gasoline more than the price of oil, and fears that the standoff over Britons held captive in Iran will lead to a major disruption in the supply of Middle East oil is taking an escalating toll on gas prices here in the United States.[..]
In the last eight weeks, even before the current standoff with Iran, prices jumped 44 cents to a national average of $2.61 a gallon - 11 cents higher than a year ago.
Gas prices often shoot up in the spring, as refineries make the switch to summer-blend gasolines, creating glitches in supply. But the standoff with Iran has inflicted a double whammy on prices.
"I believe crude oil prices are going to continue to rise 50 cents to $1 each," said John Kilduff, an oil trader for Fimat USA, "and every day that this goes on until they stabilize at some point above $70 a barrel."
Now that we have a Democratic majority again, I'd like to see them subpoena the oil companies for an actual on-the-record conversation (as opposed to closed door meetings with Dick Cheney) about price fixing and those record profits being realized.
