Rumors of looming energy crisis have begun as gas prices near record highs. Households and various industries are feeling the effects of the gasoline price hikes, which have been ongoing for weeks. There is not likely to be a slowdown in the price hikes, either. Source of article - Energy crisis jitters hit as gas prices approach record high by MoneyBlogNewz.
Gasoline jumps 20 cents over night
In the past week gasoline prices have increased by 20 cents. A Lundberg survey put the cost of a gallon of gasoline at an average of $3.76 as of April 8, according to Reuters, up from $3.57 on March 18. A single dollar increase in gas has happened over the past year. The current record for gasoline prices in the United States was set in July of 2008, at $4.11 per gallon. The prices have risen higher than that now. On April 8, California alone reached a statewide high of about $4.14 according to CBS.
This is really hurting airlines
Air travel is hurting from the rising cost of fueling a jet according to CNN. Jet fuel costs go up with the price of petroleum, which recently climbed to $112 per barrel. The record was in 2008, when the cost of oil hit $150 per barrel and airlines took an enormous hit to their bottom lines. This increase in the cost of oil for jet fuel has really brought on airline stock to fall substantially. On April 8 stock prices for several airlines had dropped; Jet Blue by five percent, UnitedContinental by seven percent, and Delta by four percent. The conflict in the middle east indicates to experts that gasoline prices aren't going to lower any time soon. As the price of fuel continues to rise, you are able to expect airfare tickets to increase also.
Customers are figuring out how to cope
Consumers want to do something about the increase in price. With an increase in gasoline costs, sales are dropping. The Daily Finance reported that 70 percent of gas stations have reported a decrease in gasoline sales. More economic cars have aided in this decrease of sales at gas stations. Sales of hybrids, according to USA Today, have increased by 37 percent since the start of the year. Prices might continue to stay high to cover the bottom line, as fewer customers are purchasing gasoline at such high costs.
Citations
Reuters
reuters.com/article/2011/04/11/us-energy-gasoline-retail-idUSTRE73929V20110411
CBS News
cbsnews.com/stories/2011/04/10/eveningnews/main20052599.shtml
CNN
money.cnn.com/2011/04/08/news/economy/American_Airlines_fuel_crisis/index.htm
pDaily Finance
dailyfinance.com/story/drivers-hit-the-brakes-as-gas-prices-rise/19908875/
USA Today
usatoday.com/money/autos/2011-04-06-prius-tops-one-million-in-sales.htm
Gasoline jumps 20 cents over night
In the past week gasoline prices have increased by 20 cents. A Lundberg survey put the cost of a gallon of gasoline at an average of $3.76 as of April 8, according to Reuters, up from $3.57 on March 18. A single dollar increase in gas has happened over the past year. The current record for gasoline prices in the United States was set in July of 2008, at $4.11 per gallon. The prices have risen higher than that now. On April 8, California alone reached a statewide high of about $4.14 according to CBS.
This is really hurting airlines
Air travel is hurting from the rising cost of fueling a jet according to CNN. Jet fuel costs go up with the price of petroleum, which recently climbed to $112 per barrel. The record was in 2008, when the cost of oil hit $150 per barrel and airlines took an enormous hit to their bottom lines. This increase in the cost of oil for jet fuel has really brought on airline stock to fall substantially. On April 8 stock prices for several airlines had dropped; Jet Blue by five percent, UnitedContinental by seven percent, and Delta by four percent. The conflict in the middle east indicates to experts that gasoline prices aren't going to lower any time soon. As the price of fuel continues to rise, you are able to expect airfare tickets to increase also.
Customers are figuring out how to cope
Consumers want to do something about the increase in price. With an increase in gasoline costs, sales are dropping. The Daily Finance reported that 70 percent of gas stations have reported a decrease in gasoline sales. More economic cars have aided in this decrease of sales at gas stations. Sales of hybrids, according to USA Today, have increased by 37 percent since the start of the year. Prices might continue to stay high to cover the bottom line, as fewer customers are purchasing gasoline at such high costs.
Citations
Reuters
reuters.com/article/2011/04/11/us-energy-gasoline-retail-idUSTRE73929V20110411
CBS News
cbsnews.com/stories/2011/04/10/eveningnews/main20052599.shtml
CNN
money.cnn.com/2011/04/08/news/economy/American_Airlines_fuel_crisis/index.htm
pDaily Finance
dailyfinance.com/story/drivers-hit-the-brakes-as-gas-prices-rise/19908875/
USA Today
usatoday.com/money/autos/2011-04-06-prius-tops-one-million-in-sales.htm
