Today’s US Gasoline Prices Tapping at 4 Year Highs

Today’s US Gasoline Prices Tapping at 4 Year Highs

Today’s US Gasoline Prices Tapping at 4 Year Highs

$UGA, $USO

The next time you pull up to the pump to fill up as steadily rising gasoline prices you will learn they are near their highest marks since Y 2014.

The price surge comes just ahead of the November midterm elections when California will vote on rolling back its gas tax.

Average prices topped $2.91 gal for unleaded Thursday for the 1st time since June, having risen 7s a gal in the past month, AAA reports.

The average gasoline price is the most expensive for the start of October since Y 2014, AAA said. Prices are now 4c higher than a month ago and 32c higher than a year earlier. If they rise by about another 7c, they will be the highest in 4 years.

The 3 states around the country with the cheapest gas are Mississippi ($2.57), Alabama ($2.57) and South Carolina ($2.58), while Florida and Michigan have seen the biggest increase in gas prices, with a 10c hike in both states, AAA said.

Gasoline prices are moving higher because the cost of Crude Oil has risen amid stronger global economies and international politics.

To be sure, rising gas prices could put a dent in consumers’ budgets, leading to cutbacks in other areas of spending. Prices may be rising because of concerns about demand, as well as higher prices this Summer for Crude Oil, AAA explained.

This time of year, motorists are accustomed to seeing prices drop steadily, but due to continued global supply and demand concerns, as well as very expensive Summertime Crude Oil prices, US motorists are not seeing relief at the pump.

In California, voters will soon decide whether to drive out a gasoline tax increase passed to fund transportation projects across the state.

Proposition 6 seeks to repeal last year’s decision by the Democratic-led Legislature to raise fuel taxes and vehicle fees to pay for roughly $5-B a year in highway and road improvements and transit programs.

Republicans and Democrats agree the sprawling state known for its car culture needs a transportation overhaul, with suburban commuters clamoring for better freeways and urban dwellers demanding mass transit.

But how to fund these fixes has been hotly disputed, prompting the recall of a Democratic state lawmaker who voted for the tax increase and spurring Republican candidates in races for federal, state and local offices to take up the call for repeal.

The repeal initiative is backed by Republican gubernatorial candidate John Cox and taxpayer advocates. It is opposed by construction industry and firefighter unions.

Supporters raised about $5-M through September, according to campaign finance reports. That’s a far cry from the $30-M raised to oppose the initiative, which would also require voter approval to raise vehicle or fuel taxes in the future.

Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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