Gasoline Resumes Climb, Rises 6.65 Cents In Two Weeks, Hits $3.57/Gallon (And Almost $9/Gallon In Europe)

Tyler Durden's picture

More bad news for America's motorists experiencing first hand the objectivity of the Nobel peace prize award committee: all those who were expecting a decline in gasoline prices following one of the fastest jumps in history will have to defer their dreams just a little longer. As Trilby Lundberg observes: "this weekend the world has changed. Instead of seeing
the end of the price rise coming up, or even a decline, we might see a
resumption of the climb at the pump." And as we enter April with near record high prices (for this time of the year -gas is still 54 cebts below its all time summer high in July 2008), this month's consumer confidence number will once again print sorely lacking, causing the most reflexive market indicator to take another step down demanding every more nuanced attention from the Fed, which will soon have no choice but to step in and replace consumption lost (read buy the Russel 2000) due to unprecedented gas prices, further detaching markets from the underlying economy, and not to mention reality. Yet even these nosebleed US gas prices are nothing compared to the decimation in Europe, where gas is now likely almost $9/gallon (when we observed it last two weeks ago, it was $8.632/gallon). Does anyone wonder why France is so eager to liberate the Libyan people from the oppression of their light sweet crude oil, er, pardon, dictatorial regime...


Gasoline prices in the United States rose 6.65 cents per gallon over a two-week period, carried by the rise in crude oil prices stemming from the turmoil in Libya, an industry analyst said.

The national average for a gallon of self-serve, regular gasoline was $3.57 on March 18, according to the Lundberg Survey of about 2,500 gas stations.

The 6.65-cent increase came two weeks after gasoline prices jumped almost 33 cents in the prior two-week period, according to survey editor Trilby Lundberg.

"This is the rest of what crude oil prices did to gasoline, as violence and protest in varying degrees swept through" oil-producing countries in the Middle East and Africa, Lundberg said in an interview on Sunday.

Prices in crude oil "declined somewhat in the last two weeks," she said, citing some traders' fears that the earthquake, tsunami and nuclear crisis in Japan "might mean economic devastation."

But after U.S. and European forces started a military intervention in Libya this weekend, oil prices may be headed for another spike, according to Lundberg.

"This weekend the world has changed," she said. "Instead of seeing the end of the price rise coming up, or even a decline, we might see a resumption of the climb at the pump."

The current average price is nearly 76 cents above the year-ago level, but is still about 54 cents below the all-time high of $4.1124 on July 11, 2008.

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Racer's picture

And in the UK petrol and diesel prices continue to surpass all time highs, thanks to higher taxes and taxes and oh oil prices... that too


Meanwhile, the UK gov has money to burn killing in Libya but none for the UK people

EscapeKey's picture


The problem with our fiscal situation is that £210+£120+£80=£410bn is spent on welfare, NHS and education, with only £550bn in total intake.

We spend way too much on ourselves.

jesse livermoore's picture

I am glad I live in the US  were fiscal responsiblitity reigns............

EscapeKey's picture

Public sector spending as part of GDP is 53% here in the UK. Yes, 53%. Every third of all ads on TV/Radio seems to be for some stupid government agency telling us what to do.

I mean, fuck me, if it wasn't for those intrusive nanny state ads, I might just not be able to find my asshole when I go on the shitter.

jesse livermoore's picture

Its for the common good ..right...?

EscapeKey's picture

Oh yeah, Gordon Brown - the thoroughly arrogant prick - knew what was best for everyone. At least according to himself.

After all, he eliminated boom and bust. Who wouldn't trust that asswipe, who turned our 3% surplus into a 13% deficit, while at the same time overseeing an annual 14% private sector debt/GDP growth, deeming it a healthy development, and coming up with all sorts of "golden rules" which don't work no more when the "boom and bust" elimination has turned into a bust.

Private sector spending went to 53%, and people were clamouring for more of the same. Fucking unbelievable.

Racer's picture

and don't forget that the stupid idiot sold gold just before it took off and never looked back..

and he said 'an end to boom and bust' just before the biggest bust in many generations

EscapeKey's picture

He also performed a significant private sector tax raid in '99, only then to spike underfunded public sector pension funds to an incompletely unsustainable level, the majority of which hasn't even been publicly comprehended as of yet. Some areas - Labour areas, of course - went from 20-30% of the population being employed by the public sector to over 50% under him/Tony Blair. All with generous un/der/funded pension benefits.

When the Tories dealt with their mid-90'es recession in a responsible manner, he heavily criticised them for it. But when hit with his own recessions, he blows up bubbles, and blames everyone else.

On top of that, he essentially plied about 100 new taxes on the middle class during his stay, the majority of which hit the private sector. And then, that disgusting asshole David Miliband claims Labour are the party of the middle class as soon as Gordon is out. Absolutely shameless.

Argh, I should stop ranting about Brown. But that man really was the biggest financial disaster ever to hit these isles, WW2 included.

Racer's picture

+1Trillion! him and smiley face Bliar destroyed the UK

Gimp's picture

Isn't Gordon Brown Scottish?  They are good at spending everyone elses money but their own. Cheap fucks.

Abitdodgie's picture

I so miss England -NOT at least over here you can have guns so when you really get pissed off you can go shoot a grizzly or for the good shot's one of those bald eagle things 

Abitdodgie's picture

Some people do not have a sense of humour

Fenlander's picture

I don't know who keeps junking you:  this and your other posts below seem to be pretty truthful to me.

spanish inquisition's picture

I am sure there is a camera with technician close by ready to help.

Michael's picture

The economic edifice of world markets was dealt a major blow by Japanese intervention entities (BOJ) and the international banking cartel last week. The question now is; When does the esoteric herd hive mind shift happen again? What day does the herd sell off mega US dollars and treasuries?

I can pinpoint the herd hive mind shift in SW Florida RE for Lee County’s median home price to December 2005 at the height of the residential real estate boom that reached a peak of $322,300.  The median price of an existing home there sold today is $94,400.  What triggered the hive mind shift? The blogosphere's housing bubble blogs certainly brought awareness to the sheeple something was wrong with paying 10 times gross income for a home. When critical mass reached 55% or so awareness, the sell-off began in earnest with many investors left holding the bag. The same phenomenon will most certainly happen to the dollar and treasury bonds as the blogosphere's work reaches critical mass in the dollar crisis arena.

The US dollar is dying, as evidenced with the counterintuitive drop in value last week when hundreds of trillions of Yen were printed. So what day, week, month, in the the near future do US Treasuries and dollars sell off worldwide?

Doña K's picture

It was probably wives like me nagging their husbands. "We going to be priced out." Thank god he asked me to hold my horses.

NewThor's picture

If only Ben Bernanke could figure out a way to print bullets, Tomahawk Cruise missiles, 

soldiers and oil, "Operation Nobel Peace Prize Bitchez" would be a 110% success.



Larry Darrell's picture

a 110% success


The Keynesian programming is so thorough amongst the masses that even those of us in the know still accidentally attach 10% (interest) where there should be none.

That type of math (interest rates) is what has brought us to this point in history (again) and the reason the dollar will go to the graveyard and join the 300 or so paper currencies which came before it.


Xkwisetly Paneful's picture

But it already died 5 times alone in the last 40years.

are you related to Joe Granville?

In the interim of the 5 previous deaths it's share of world commerce has completely and totally plummeted to 65% from 72%.

 As recently as DEC 2008 US bonds pre POMO traded under transactional costs.

 But don't let any of this get in the way of the dollar's 6th death in 40yrs.


Broken clocks are at least right twice a day.

GBruenetti's picture

> If only Ben Bernanke could figure out a way to print bullets, Tomahawk Cruise missiles, soldiers and oil, "Operation Nobel Peace Prize Bitchez" would be a 110% success.

The clone army is nearly finished, master!

About the fuel though ...

asteroids's picture

The FED said there is no inflation. Case closed.

robertocarlos's picture

If you cut all three of those programs to zero what would be the affect on total intake. Hint: the Chav pays taxes on the beer. 

Ben Fleeced's picture

Well done.

Pray tell the percentages by... (insert politically incorrect groups here).


Enkidu's picture

Just like all the other governments...

DeweyLeon's picture

Report states that they don't think this oil came from the DWH event last year.  So it's either from another rig or a new leak from the capped well?

Long-John-Silver's picture

Stock Market Crash soon.

Gimp's picture

Agree. Get into cash now before the Tsunami hits!  Another raping of the scheple about to happen soon.

Bodhi's picture

Let the good times roll.

Judge Judy Scheinlok's picture

An increased in the cost of gasoline brings with it an increase in gasoline tax revenue for the financially crippled.

So you should all be happy to pay, no? Save the system.

bonin006's picture

Gasoline taxes in the US are per gallon, so no increase in the only tax that might be benefitial, if actually used for its stated purpose of maintaining roads.

Seasmoke's picture

and they will go down, as people decide/forced to drive less and buy less gallons

robertocarlos's picture

What? You don't have a VAT? 

Racer's picture

Thanks ZH for highlighting the very painful pain of EU prices  :'(

Zero Govt's picture

what ZH needs to point out is the reason for high European petrol/diesel prices... State extortion (taxation) ... 150-180% taxes on top of fuel

mfoste1's picture

ugg America. What can I say? What an embarassment and poor excuse for a country. The people of America need to do something radical, it seems that is the only way the corrupt political and banking system will change. My god what the fuck has America become!?

slewie the pi-rat's picture

hi mfoste1! 

with the $ going in the crapper, plenty of vacation travellers may come and see 4 themselves, this summer!  but to be more direct:  a bunch of penny-ante trickle-down rent collectorz?  a casino?


Fraud City?

Goobermint employees without borders?

militarized?  privatized?  feminized?  secure, yet lawless? radioactive?  hum-nipotent?  bankrupt?  jobless?  topless? 

How tf would i know?

maybe the best answer from slewie wld be:  altho the worst thing that can happen to a US pol is to be labelled "radical", many MOR (middle of the road) types are coming to value preparedness, PM's, God, and/or the universe & the light/dark she is showing us, and the fuking Constitution, esp. Amendment #2.

those of us who are thinking this way do the radical all day, every day. then, maybe, eat out.

how do you roll?


Gimp's picture

We are becoming impedent just what the elitists and globalists want. Easy to mold the scared, the stupid, the needy...

Ben Fleeced's picture

i have friends vacationing from Firenze driving North from Florida. They are currently encroaching on the mid-atlantic and simply cannot believe how vibrant this country is and how well it is doing. Their most frequent statement? I thought the US was in a depression.


B. Fleeced

NOTW777's picture

havent seen 3.57 for months; that would be great

TwoShortPlanks's picture

Time for the gas under the pressure cooker to be ratcheted up another notch. Fed approves Bank Dividend increases to shareholders...third tier Lifeboats are now being deployed. But Shareholders are expendable.

ZackAttack's picture

Ghadafy's first move should be to burn every drop of petroleum in every tank farm, refinery and oil terminal in the country.

Trillax's picture

My god son, hush your mouth. I enjoy my hookers and blow on the weekend, and higher gas prices would put a nasty dent in that.

Hedge Jobs's picture

"Does anyone wonder why France is so eager to liberate the Libyan people from the oppression of their light sweet crude oil, er, pardon, dictatorial regime..."

this is spot on. Does any one really think this has anything to do with a couple of hundred dead civilians? If "protecting civilians" was a genuine goal of the UN in the misddle east then there would also be a no fly zone over israel who's warplanes have been masacring innocent and unarmed palestianian civilians for decades. The UN is a disgrace! 

Blano's picture

Innocent and unarmed???   Hahahahahahaha!!!!

You're a stupid fuck.

tmosley's picture

I guess it's fine to run over little old ladies with armored bulldozers in your book?

Because that is what Israel does.

And yes, the majority of the Palestinian population is unarmed, unless you count the kids who throw rocks and get shot with assault rifles in retribution.  Sure, some groups are able to smuggle weapons in, but that is far from having an armed populace, which would of necessity be far more polite, and less liable to the repeated invasions from Israel.

Hedge Jobs's picture

a stupid fuck heh Blano? anyone who tries to justify israeli actions is a satanic jew zionist dog peice of shit like you.

but instead of name calling im happy debate th e topic with facts and figures if you like.

Do these kids look like they were guilty and armed to you?

Spalding_Smailes's picture

................. " In the 1930s, the emergence of organized youth cadres was rooted in the desire to form a youth paramilitary along German and Italian Fascist lines. It was believed that armed youth might bring an end to British hegmony in the Middle East as well as the very existence of Jewry. Youth were cajoled into violence by Palestinian political figures and newspapers that glorified violence and death. The Palestinian Arab Party sponsored the development of storm troops consisting solely of children and youth patterned on the German model. A British report from the period stated that "the growing youth and scout movements must be regarded as the most probable factors for the disturbance of the peace". As a youngster, Yasir Arafat led neighborhood children in marching and drills, beating those who did not obey. In the 1940s, Arafat's father organized a group of militants in Gaza which included Yasir Arafat and his brothers. The leader, Abu Khalid, a mathematics teacher in Gaza, gave Arafat the name Yasir in honor of the militant Yasir al-Bireh." .........

.......... " Khairallah Tulfah, participant in the 1941 pro-Nazi coup and an advocate of a pan-Islamic Nazi alliance along with the Mufti, raised and educated his nephew Saddam Hussein from age 10. In 1959, the 22-year-old Saddam failed in an attempt to assassinate Iraqi leader Abdel Karim Qassim. He subsequently fled to Egypt, where he received refuge from fellow Mufti disciple Nasser.

At the time, Nasser, along with the Mufti himself, who resided in Cairo after the war and his conviction by the Nuremberg Tribunal of war crimes, was spearheading what was known as the Odessa Network, which facilitated the settlement of thousands of Nazi criminals in Egypt and elsewhere in the Arab world. " .............................