Pain at the Pump: Gas up to $6

Posted by - Thursday, February 23rd, 2012

If you're planning on traveling down south for an upcoming spring trip, drivers be wary...Florida drivers especially are feeling the burden of spiking gas prices. Prices have escalated to nearly $6 per gallon and they're even higher near the Disney World area...

For other states, $6 gas prices could become a reality by this summer.

Jessica Brady, an AAA spokeswoman told CBS News that people have been consistently complaining about the steadily increasing gas costs in the Tampa area. Brady also reported that she doesn't see relief in their future anytime soon...

Premium gas at a Shell station in Lake Buena Vista would set you back $5.99 for just one gallon of gasoline. Even worse, Suncoast Energy in Orlando charges $5.79 per gallon of regular gasoline.

Sounds like insiders were right about gas prices for the remainder of this year...

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*Image courtesy of Forbes.

Despite the fact that oil is plentiful and new oil reserves are being discovered gas is going up. The dollar has firmed its position, and it's an election year. Still, gas prices are going up not down.  It doesn't make sense to many people...

Why are prices so high?

Three significant reasons:

  1. There's great tension and conflict with Iran over the Strait of Hormuz. According to CBS:

    Iran has threatened to disrupt oil shipments through the waterway due to the European Union sanctions leveled against the country over its nuclear program, causing the price of crude to skyrocket. Trading on a barrel of crude today is a little over $106.

  2. A change in pace for the economy. With recent economic optimism flooding headlines, gas and oil prices are on the rise. The unemployment rate has dropped and the housing market has shown some improvement.

    Gas consumers are typically annoyed when good news sends gas prices sky-rocketing, but Brad says it's all about speculation.

  3. Greece. The European bailout merely adds to the “global fuel demand.”

But don't single-out Florida as being an outlier... Some drivers in Alaska are paying an astonishing $6.34 per gallon of regular gasoline at the pump! Gas prices are high all over the U.S., with Alaska and Florida feeling the brunt of the hit.

Wyoming residents are the luckiest, paying only $2.75 per gallon...for now, at least.

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More like this...

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CHART: The World's Gas Prices
This chart will make filling up your tank feel a lot less painful...


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