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Gas prices creeping towards $4.00 a gallon

by an Unemployed White Male on March 12, 2012

in Business & Economy,Recession

NEW YORK (CNNMoney) — The national average price for a gallon of gasoline rose above the $3.80 mark Monday, resuming the advance that has plagued drivers throughout the winter.


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NEW YORK (CNNMoney) — The new year has greeted Americans with the highest January gas prices ever, and some analysts say prices could get close to $5 a gallon in some areas during the warm-weather driving season.

The average price for a gallon of regular unleaded gasoline in the United States on Monday was $3.39, according to motorist group AAA. That’s nearly 30 cents higher than a year ago.

CNNMoney article can be read here.

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Used car buyers are about to find that it’s tougher to find the models they want. And they may have to pay more for older, higher mileage cars too. Why? It’s yet one more thing to blame on the crisis that hit the auto industry and overall economy in 2008. A key supply of late model used cars — vehicles coming off of three-year leases — is about to be choked off due to the crisis in the financial markets and the auto industry that summer that cut deeply into new leases.

“Leasing fell off across the board in 2008, so there’s just not going to be as many of those late model, good quality cars coming into the market,” said Belinda Aborts, director of automotive credit for auto research firm Experian.

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Stocks stumble as oil prices plunge

May 11, 2011

NEW YORK (CNNMoney) — Stocks fell sharply Wednesday, as energy and materials stocks were particularly hard hit by a sell-off in oil and gasoline futures. “Commodities are getting crushed here, and it’s taking the whole market with it,” said David Rovelli, managing director of U.S. equity trading at Canaccord Adams. Read the full article at CNNMoney.

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Gas prices going through the roof across America and Lancaster County, $4.00 gallon likely by Summer

March 4, 2011

Here we go again. Gas prices are soaring and might top $4 a gallon, possibly reaching record highs this summer. Analysts blame the price surge on unrest in the Middle East and seasonal demands. “It’s awful,” said Harold Metzger of Lampeter, as he pumped fuel into his work car’s tank Thursday outside of East Petersburg. […]

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State and local budget cuts are threatining US economic recovery

February 26, 2011

Deep spending cuts by state and local governments pose a growing threat to an economy that is already grappling with high unemployment, depressed home prices and the surging cost of oil. Lawmakers at state capitols and city halls are slashing jobs and programs, arguing that some pain now is better than a lot more later. […]

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Higher Oil Prices Would Hamper Global Economy

February 24, 2011

Just as the U.S. and global economies are finally strengthening, they face a new danger: Rocketing oil prices, which topped $100 a barrel Wednesday. The U.S. economy can likely absorb $100 oil and keep expanding, even though gasoline prices would rise further and growth would slow. But it would hurt. Read Associated Press article at […]

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