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Middle East tensions cause spike in gas prices

Published January 9th, 2009 | 7 Comments

Gas prices increased in the Tri-Cities for the first days of 2009.

War tensions in the Middle East was one factor in the rising prices, said AAA East Tennessee public affairs specialist Stephanie Milani, along with hopes of the U.S. economy rebounding.

“Oil prices had risen last week but seem to be returning to lower levels (earlier this week). Regardless of these factors, if demand stays low prices should come down,” said Milani.

Kingsport saw the biggest increase for the week ending Jan. 2 with a 19 cent jump, raising prices to $1.64 per gallon for regular unleaded.

Prices in both Johnson City and Bristol jumped to $1.63 per gallon last week, an increase of 12 cents in both localities.

Crude oil prices increased by 30 percent in the last seven days, according to information posted by the New York Times, causing the wholesale price of gasoline to increase by 40 percent since Dec. 24.

“A lot of people are talking about dollar-a-gallon gasoline, when the wholesale market seems to be pointing to $2 a gallon,” said Tom Kloza, chief oil analyst at the Oil Price Information Service (OPIS).

The savings since the price break at the pump have been substantial, according to the report, with commuters and shipping companies receiving the biggest discount.

A driver buying 50 gallons of gasoline per month has been saving $2 per day since prices fell beginning in October, the story said.

For the national economy as a whole, the savings came to about $1 billion a day, OPIS said.

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"They dont care about nothing about money." (typo)

Meant this to say "they dont care nothing about us just money".

Viper 24 | 1/11/2009 - 11:22 AM - ( Comment

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Guess next excuse they will use it that the sun is shining and 100 degrees in Alaska.

It is always one lying excuse after another. Guess we need to stop driving. Oh wait we have because a lot of us have lost our jobs because of the money lovers that ran this country into the nothing it has becom e. I guess we wont be driving anyway.

Now those stores that refuse to lower the food prices are just as guilty as the everyone in the oil industry for causing such a problem.

Take Food City for example their prices keep going up, up and up. Same thing with China-Mart better known as Wal-Mart. They do not care about the elderly who have to choose to buy gas, meds, or food out of a little Social Security check each month. They dont care about nothing about money. Makes me wonder if they care about their own family, guess they don't because I dont see greedy people having a heart for anything but money.

These greedy jerks need to listen to song about a rich man in hell just wanting one drop of water.

Viper 24 | 1/11/2009 - 11:20 AM - ( Comment

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Ms. Early BULL!!!! Isreal knew it was now or never to do what they've been dying to do for a while, before their buddy Baby Bush finally got out of power. Everyone focusses on Hamas firing into Isreal but no one seems to focus on how bad life for the Palistinians is. Isreal is always seen as the innocent victim by the sheep and never the victimizer. Both sides have been out of line for a while. Not just Hamas but Isreal as well. They have "eyed for and eyed" till everyone has become blind.

Brother Early | 1/11/2009 - 8:47 AM - ( Comment

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Did anyone else honestly believe they'd let us have cheap gasoline for long? NOPE. Even though the price per barrel of oil drops, our prices will rise due to another war out of the Middle East. (Those people have been fighting each other since the beginning of time, they'll never stop it's insanity!) But we'll be paying more for gas, they also lowered it hoping we'd travel more & spend more during the holidays as well as it drops every time there is an election. Just like even thou our gas got cheaper the companies that charged us higher prices for our food (who said they only raised prices because they had to due to oil costs) didn't lower them when gas prices dropped. Prices on everything will stay high & go higher... on that front Greed is driving this doom & gloom. It amazes me what some (especially the rich) will do to others for the almighty dollar.

Shirley Temple | 1/11/2009 - 8:06 AM - ( Comment

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According to the article - Crude oil prices increased by 30 percent in the last seven days, according to information posted by the New York Times, causing the wholesale price of gasoline to increase by 40 percent since Dec. 24.

But the truth is -

NEW YORK (MarketWatch) -- Crude-oil futures fell Friday for a fourth consecutive session, ending the week with their biggest weekly loss in five weeks, after government reports showed that the U.S., the world's biggest oil consumer, lost the most jobs in 2008 since World War II.

WHO DO YOU BELIEVE

john davis | 1/10/2009 - 10:08 AM - ( Comment

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The American way, GREED, those who have want more and they will step on you or me to get it. How can the price of oil keep dropping and the price of gas go up. GREED. There is nothing you nor I can do to stop it. They will say anything and do anything to get what they want. Look at the mess we are in now. Did you do it, no. Did I do it, no. THEY did it and do it every day. Why do you think some call us Infidels, GREED has become our god. Watch TV and you will see GREED at it's finest. I want this, I want that, I want what you have. I want it now.

john davis | 1/10/2009 - 12:41 AM - ( Comment

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Everyone that is remotely involved in gas or oil is hoping for anything to be able to rape us at the pump, the price of oil is still down or has been dropping but the price for fuel has gone up. They will do anything they can to get back in the lap of billions of profit over anything they can. The could care less if everyone is broke and the price of fuel going back up to high prices again at this point would be a breaking point.

I think the oil price that went crazy just so some could get rich is part of what caused this problem we are in now.

We all know its going back up, just when and how high this time is the questions yet to be answered.

American Veteran | 1/9/2009 - 10:01 PM - ( Comment

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