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Will We See $5 Gasoline This Year?

cnbc -- Gasoline prices rose to a near four-month high in the U.S. Tuesday, fueled by a number of refinery closures.

(Read More: Refinery Closures Send Gas Prices to Near 4-Month High)

The Automobile Association of America reported that national retail prices for regular gasoline are up 13 percent to an average $3.748 a gallon from a month ago, up from $3.604 a week ago and up 5 percent from the same period a year ago.

About one million barrels per day of refining capacity has been taken off line on the East Coast and St. Croix, as the industry responds to low margins and shrinking demand. In January, Hess announced plans to close its Port Reading, N.J., refinery, while refinery shutdowns and planned repairs have cut into gasoline supplies in many parts of the country.

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Submitted Feb 20, 2013 By: loloTX

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Amplion Champion Author Oregon Posts:6,746 Points:1,861,060 Joined:Sep 2005	Message Posted: Feb 20, 2013 9:32:04 PM Ignore Amplion Report Abuse YES !!!!
rcornel All-Star Author San Diego Posts:714 Points:224,695 Joined:Jun 2012	Message Posted: Feb 20, 2013 5:12:41 PM Ignore rcornel Report Abuse It's here in SoCal already.
qwerty17 Champion Author New Jersey Posts:3,635 Points:1,113,900 Joined:Oct 2009	Message Posted: Feb 20, 2013 4:28:36 PM Ignore qwerty17 Report Abuse nope.
humblepie Champion Author Toledo Posts:34,065 Points:2,367,370 Joined:Mar 2006	Message Posted: Feb 20, 2013 3:17:05 PM Ignore humblepie Report Abuse heck yes, enjoy those obamanomics
slowtrain Champion Author Georgia Posts:3,647 Points:944,900 Joined:Aug 2008	Message Posted: Feb 20, 2013 2:48:04 PM Ignore slowtrain Report Abuse I saw where they had it in California already.
Tacodan Champion Author Cincinnati Posts:2,295 Points:650,210 Joined:Apr 2011	Message Posted: Feb 20, 2013 2:16:20 PM Ignore Tacodan Report Abuse yes
FuelPump Champion Author Los Angeles Posts:21,445 Points:3,411,000 Joined:Apr 2003	Message Posted: Feb 20, 2013 1:30:49 PM Ignore FuelPump Report Abuse Unless there is some sort of leash put on speculators, there is little doubt in my mind that we will see that $5.00 gallon of gasoline this year. Perhaps this Spring.
Chinto12 Champion Author Illinois Posts:1,019 Points:406,310 Joined:Jan 2012	Message Posted: Feb 20, 2013 1:29:08 PM Ignore Chinto12 Report Abuse Obama's plan is working
TheDix Champion Author Ontario Posts:3,094 Points:600,210 Joined:Dec 2009	Message Posted: Feb 20, 2013 1:25:08 PM Ignore TheDix Report Abuse gas prices dropped .08 cents/litre at some stations today.
mycar2 Champion Author Akron Posts:2,090 Points:2,354,115 Joined:Apr 2004	Message Posted: Feb 20, 2013 1:23:00 PM Ignore mycar2 Report Abuse greed will drive the price, they all have good excuses
BarryAClarke Veteran Author Indiana Posts:360 Points:53,075 Joined:Oct 2007	Message Posted: Feb 20, 2013 1:22:21 PM Ignore BarryAClarke Report Abuse Each year over the past ten years, "big Oil" has been gradually raising gasoline prices. They raise them until the public hit’s the roof over high prices, then they pull back but not at previous lows. First it was the one dollar mark, then two, then three, and finally last year the puff of methane hit the fan at around $4.65. Now, this year they are starting earlier and I will wager that they have the $5.00 per gallon in their sights because the driving public are already use to the $4.00 per gallon gasoline from last year. Next will come the $6.00 mark and this will be in about three years. Thank you President Obama for letting speculators run amok on Wall Street………
BossPal All-Star Author Illinois Posts:527 Points:236,710 Joined:Mar 2012	Message Posted: Feb 20, 2013 1:21:47 PM Ignore BossPal Report Abuse We all are resposible,and if we keep buying gas at the higher price they will continue to raise the price..forcing some to switch to buying electric cars,which would make oil lose some profits and therefore raise the price of gas even higher and higher forcing more people to buy more alternative fueled cars (CNG,Hybryd,Electric) therfore creating more jobs.... yeah right. just a thought LOL
carefrey Champion Author Orlando Posts:5,515 Points:1,155,485 Joined:Sep 2009	Message Posted: Feb 20, 2013 1:21:27 PM Ignore carefrey Report Abuse Lets just hope we do not see $4.00 a gallon!
tpguess Champion Author San Diego Posts:1,581 Points:367,835 Joined:Jan 2012	Message Posted: Feb 20, 2013 1:21:20 PM Ignore tpguess Report Abuse We will in San Diego...
highdesertman Champion Author Albuquerque Posts:2,464 Points:1,714,380 Joined:Mar 2005	Message Posted: Feb 20, 2013 1:20:34 PM Ignore highdesertman Report Abuse Refineries off-line for repairs and maintenance will reopen. Demand is still shrinking. Except for the usual culprits, like California, most of the country will not likely see $4 gas this year, much less $5.
Baron62nd Champion Author Illinois Posts:7,002 Points:1,667,095 Joined:Sep 2007	Message Posted: Feb 20, 2013 1:20:26 PM Ignore Baron62nd Report Abuse There is a surplus of crude, there is a surplus supply of refined fuel, and it hit $4.059 here in the P.R.I.
skysteve1 Champion Author Victoria Posts:1,122 Points:372,235 Joined:Jul 2011	Message Posted: Feb 20, 2013 1:19:46 PM Ignore skysteve1 Report Abuse As per CBC TV last night
xtremecheap All-Star Author Arkansas Posts:986 Points:373,100 Joined:Jun 2011	Message Posted: Feb 20, 2013 1:19:24 PM Ignore xtremecheap Report Abuse Under his regulations "energy prices will necessarily skyrocket".
skysteve1 Champion Author Victoria Posts:1,122 Points:372,235 Joined:Jul 2011	Message Posted: Feb 20, 2013 1:19:21 PM Ignore skysteve1 Report Abuse So how come Canada sells crude to the USA 30% cheaper ???
spdude Veteran Author Oakland Posts:433 Points:374,460 Joined:Mar 2006	Message Posted: Feb 20, 2013 1:18:37 PM Ignore spdude Report Abuse Wouldn't shock me.
skysteve1 Champion Author Victoria Posts:1,122 Points:372,235 Joined:Jul 2011	Message Posted: Feb 20, 2013 1:18:29 PM Ignore skysteve1 Report Abuse hope it come down
skysteve1 Champion Author Victoria Posts:1,122 Points:372,235 Joined:Jul 2011	Message Posted: Feb 20, 2013 1:18:05 PM Ignore skysteve1 Report Abuse I have been paying that here
flatrock14 Champion Author Michigan Posts:2,630 Points:772,780 Joined:Oct 2010	Message Posted: Feb 20, 2013 1:17:37 PM Ignore flatrock14 Report Abuse put people back to work raise fuel prices ha
DMG86 Rookie Author Dallas Posts:85 Points:74,175 Joined:May 2007	Message Posted: Feb 20, 2013 1:15:53 PM Ignore DMG86 Report Abuse I hope not!
sjhman Veteran Author Atlanta Posts:409 Points:274,225 Joined:Sep 2008	Message Posted: Feb 20, 2013 1:15:52 PM Ignore sjhman Report Abuse No
srchr Champion Author San Jose Posts:7,233 Points:1,616,050 Joined:Apr 2008	Message Posted: Feb 20, 2013 1:15:15 PM Ignore srchr Report Abuse it's already here
Zeke33 Champion Author New Hampshire Posts:5,561 Points:1,613,720 Joined:Sep 2005	Message Posted: Feb 20, 2013 1:14:06 PM Ignore Zeke33 Report Abuse Obummer would welcome it.
BossPal All-Star Author Illinois Posts:527 Points:236,710 Joined:Mar 2012	Message Posted: Feb 20, 2013 1:13:34 PM Ignore BossPal Report Abuse .
Runabout2 Veteran Author Grand Rapids Posts:375 Points:46,490 Joined:Jul 2007	Message Posted: Feb 20, 2013 1:13:26 PM Ignore Runabout2 Report Abuse If we do, then we need to march on Washington ! And kick every blood sucking SOB out of capital hill ! These greedy bastards have hurt enough people !
BeaconLite Champion Author Ottawa Posts:1,922 Points:366,250 Joined:Sep 2009	Message Posted: Feb 20, 2013 1:11:53 PM Ignore BeaconLite Report Abuse I woould not be surprise thans to the speculators.
joezIN Champion Author Gary Posts:1,663 Points:330,960 Joined:May 2011	Message Posted: Feb 20, 2013 1:11:11 PM Ignore joezIN Report Abuse yes
nru Champion Author Twin Cities Posts:1,720 Points:979,225 Joined:Feb 2006	Message Posted: Feb 20, 2013 1:09:38 PM Ignore nru Report Abuse nooooo
tonoplast All-Star Author Lexington Posts:808 Points:444,410 Joined:Apr 2011	Message Posted: Feb 20, 2013 1:08:42 PM Ignore tonoplast Report Abuse Big Oil is already demonstrating that if less fossil is used, they will just raise the price to compensate for lessened demand. But electric cars are one way the public could bypass Big Oil to some degree, WHEN AND IF electric cars become affordable for citizens with average incomes.
Joeatcret Sophomore Author South Carolina Posts:249 Points:27,675 Joined:Dec 2011	Message Posted: Feb 20, 2013 1:07:11 PM Ignore Joeatcret Report Abuse We will see a rip-job as usual this year.
flsharktooth All-Star Author Jacksonville Posts:890 Points:615,215 Joined:Apr 2011	Message Posted: Feb 20, 2013 1:06:57 PM Ignore flsharktooth Report Abuse what a bunch of crap. all for $$$$
101Speedster Champion Author Ventura Posts:30,401 Points:2,714,620 Joined:May 2005	Message Posted: Feb 20, 2013 1:05:25 PM Ignore 101Speedster Report Abuse This will cause more people to buy electric cars.
gas_too_high Champion Author Columbus Posts:11,523 Points:1,929,440 Joined:Aug 2005	Message Posted: Feb 20, 2013 1:04:10 PM Ignore gas_too_high Report Abuse 'About one million barrels per day of refining capacity has been taken off line on the East Coast and St. Croix, as the industry responds to low margins and shrinking demand." "Shrinking demand?" You mean, because we are using less gasoline, we are being punished with higher prices?? GTH
rtown Rookie Author Phoenix Posts:17 Points:428,165 Joined:Apr 2007	Message Posted: Feb 20, 2013 1:03:59 PM Ignore rtown Report Abuse They got you used to $2 and hung around. Then it was $3 and then $4. Why not $5? Blame it on...
EssexAdri Champion Author Jacksonville Posts:1,149 Points:280,690 Joined:Jul 2010	Message Posted: Feb 20, 2013 1:03:26 PM Ignore EssexAdri Report Abuse see my post in regard to this weeks poll for part of the problem.
TxPDawg All-Star Author Austin Posts:651 Points:376,775 Joined:Mar 2011	Message Posted: Feb 20, 2013 1:02:48 PM Ignore TxPDawg Report Abuse ok
defense Champion Author Grand Rapids Posts:1,350 Points:1,363,500 Joined:May 2004	Message Posted: Feb 20, 2013 1:02:46 PM Ignore defense Report Abuse If you really want to slow the economy raise the minimum wage to $9.00 and raise the price of gas to over $5.00 per gal. That will bring it to a crawl. The higer minimum wage will put alot of small business people out of business. You think we have high unemployment now. This is nothing to what you can expect.
singlemom27 Champion Author Ventura Posts:3,088 Points:635,960 Joined:Apr 2011	Message Posted: Feb 20, 2013 1:01:04 PM Ignore singlemom27 Report Abuse Like we have any say in the matter...
MacDad614 Champion Author Atlanta Posts:3,022 Points:1,173,460 Joined:Aug 2008	Message Posted: Feb 20, 2013 1:00:18 PM Ignore MacDad614 Report Abuse SHUT YOUR MOUTH! The GREEDY oil companies are looking for people to pave the way to higher and higher profits for them. So far, the press has done a great job at letting the consumer know that it will be "inevitable" that gas prices will continue increasing ... and their obscene profits, also. STOP DRINKING THE TEA. THIS IS NOT POLITICAL! [Edited by: MacDad614 at 2/20/2013 4:00:54 PM EST]
tstoney Sophomore Author Ogden Posts:154 Points:451,605 Joined:Feb 2011	Message Posted: Feb 20, 2013 12:59:59 PM Ignore tstoney Report Abuse No question, our President has been pushing for this
hibsaw Champion Author Mississippi Posts:8,022 Points:1,677,965 Joined:Feb 2008	Message Posted: Feb 20, 2013 12:59:41 PM Ignore hibsaw Report Abuse Come cnbc. Give us the real reason fuel prices are so high. You sound like the speculators using lame excuses for the high prices.
defense Champion Author Grand Rapids Posts:1,350 Points:1,363,500 Joined:May 2004	Message Posted: Feb 20, 2013 12:59:04 PM Ignore defense Report Abuse I'm sure the oil companies will be happy to oblige you.
BigDartMike All-Star Author Ohio Posts:565 Points:114,490 Joined:Dec 2011	Message Posted: Feb 20, 2013 12:57:35 PM Ignore BigDartMike Report Abuse Seems if you can think it, it is possible! why stop at $5/gal??
DrLyon Champion Author Michigan Posts:6,635 Points:1,208,205 Joined:May 2006	Message Posted: Feb 20, 2013 12:56:14 PM Ignore DrLyon Report Abuse Hope not...
coolbreeze1111 Sophomore Author Greensboro Posts:232 Points:193,440 Joined:Dec 2011	Message Posted: Feb 20, 2013 12:54:04 PM Ignore coolbreeze1111 Report Abuse Probably
tidalwave3 Champion Author Tallahassee Posts:1,294 Points:1,460,075 Joined:Jun 2008	Message Posted: Feb 20, 2013 12:52:41 PM Ignore tidalwave3 Report Abuse Yes and possibly $6 a gallon by end of summer THANKS to those that voted Obama & BiteMe back in. In 2008 he said multiple times he would not mind seeing this scenario so as to slow car use. But this will also slow the economy :(