March 24, 2013 |
Two years before his death, Hugo Chavez tried to repeal the law of supply and demand, which says that free markets set the price: the higher the demand, the higher the price. Every producer who was willing to sell at that equilibrium price would be able to do so and every consumer willing and able to pay that price could acquire the product. Chavez despised the law because he believed it robbed the poor and unjustly profited producers. In its place, he persuaded the Venezuelan legislature to enact the 2011 Law on Fair Costs and Prices, a price-setting mechanism to ensure greater social justice.
March 21, 2013 |
California drivers have long suffered from the state's geographical isolation from the nation's major oil pipelines that pump crude to domestic refineries. That forced California to rely on much more expensive imported oil. In 2012, California imported more than half of its oil from overseas (50.7%) for the first time ever. But that has begun to change. In the short term, analysts say California prices should fall to the $3.75 to $4 range for a gallon of regular gasoline in the coming weeks.
March 6, 2013 |
It's one of the most interesting facts in a new study that covers 40 years of U.S. driving, from 1970 to 2010. Even after a 737% increase in the average price of a gallon of regular gasoline over that period, from 36 cents to more than $3, Americans are driving alone more often than before. Michael Sivak's study -- titled Effects of Vehicle Fuel Economy, Distance Traveled, and Vehicle Load on the Amount of Fuel Used for Personal Transportation in the U.S: 1970-2010 -- can be found here . Sivak is the director of sustainable worldwide transportation for the University of Michigan's Transportation Research Institute. He found that in 1970 the average vehicle load -- the number of people riding in a car, truck or SUV -- was 1.9 people.
February 21, 2013 |
Southern California has seen its biggest ever one-month rise in gasoline prices, according to the Automobile Club of Southern California's weekend gas watch. The average price for a gallon of regular gasoline in the varying regions of Southern California has now climbed 57 to 59 cents since last month. "We looked at all of the one-month spikes that could have been bigger since the year 2000 and this was bigger than any of those," said Marie Montgomery, a spokeswoman for the Automobile Club.
February 11, 2013 |
Went to a magic show Sunday, called, appropriately enough, “ Smoke and Mirrors .” Watched the magician pull a rabbit out of his hat and everything. (OK, it was a bird, but who's counting?) You know it's all an illusion -- trickery, sleight of hand, misdirection -- but you laugh and are amazed anyway. Great fun. Came to work Monday and read about a different magic show. It's called gas prices, though it could just as easily be called smoke and mirrors. Seems that gasoline prices are at record highs for this time of year, both nationally and in California.
February 11, 2013 |
Hedge funds, commodity pools and other high-roller investors have thrown close to $12.5 billion into a collective bet that gasoline prices will rise, and some analysts say it's one reason why gasoline prices are at a record for this date in California and nationally. The details were contained in the Commodity Futures Trading Commission report released Friday, showing that betting on higher gasoline prices was closing in on the highest level ever of $13 billion, set last March. Quiz: Why are California gas prices so high?
February 5, 2013 |
Average California gasoline prices jumped 23 cents in the last week, passing $4 a gallon in Los Angeles, fuel surveys show. This surge follows a year in which the nation's motorists spent a greater percentage of their annual income on gasoline than at any time in the last three decades, the Energy Department said. Gasoline expenditures were higher despite a sharp improvement in automobile fuel economy, according to a separate report. The average cost for a gallon of regular gasoline in California jumped to $3.914 on Monday, up 23.4 cents from a week earlier, according to the AAA Fuel Gauge Report.
February 4, 2013 |
Expect a bit of a shock if you fill up your gas tanks in Southern California this week. The average price of a gallon of regular gasoline in the state has jumped 23.4 cents since last Monday, according to the AAA Fuel Gauge Report. Most of the spike has been driven by the state's southern counties. PHOTOS: Best car values for fuel economy Los Angeles and Long Beach, for example, are averaging $4.017 a gallon, up 24.8 cents over the past week. Orange County gasoline is averaging $4.002 a gallon, up 26.1 cents since last Monday.
February 4, 2013 |
Fuel costs are taking a big bite out of household budgets, according to separate reports Monday from the Energy Department and from the Union of Concerned Scientists. The Energy Department says U.S. households spent an average of $2,912 on gasoline, or almost 4% of their pretax income, the highest percentage in 30 years. That's despite the fact that Americans consumed less fuel in 2012 for a variety of reasons, including more efficient driving habits and higher-mileage vehicles.
February 4, 2013 |
Consumers bludgeoned by record high average gasoline prices in each of the past two years are demanding deals, discounts and loyalty program perks when they buy gasoline. That's according to a new study by the NPD Group, which says that gasoline retailers need to respond if they want to keep their business. “Clearly fuel discounts are a game-changer in today's market,” says David Portalatin, NPD motor fuels industry analyst. Portalatin added, “Whether or not fuel marketers implement a discount program, it is imperative that they create value for the consumer in some aspect of the purchase occasion - whether price, quality, rewards, or some other attribute of the purchase experience.” This represents a significant change in consumer thinking about gasoline prices, according to experts.