Oil and Gas Continue to Rise

By Doug Short: Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data. Prices rose again over the past week. Rounded to the penny, the average for Regular and Premium are both up four cents ... less painful than the previous week's 14-cent rise. Regular is up 16.3% and Premium 14.4% since their interim lows in mid-December.

By Doug Short: Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data. Prices rose again over the past week. Rounded to the penny, the average for Regular and Premium both rose seven cents. Regular is up 11.0% and Premium 9.5% since their interim lows in mid-December. With the expiration of the 2% FICA tax holiday, many household budgets are being impacted by these increases.

By Doug Short: Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data. Gasoline prices at the pump eased dramatically for the second week. Rounded to the penny, the average for Regular dropped 12 cents and Premium 11 cents. Regular is up 34 and Premium 37 cents from their interim weekly lows in the December 19, 2011 EIA report. This comes on top of 12 and 13-cent declines the previous week.

By Doug Short: Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data. Prices rose again over the past week. Rounded to the penny, the average for Regular and Premium fell by two cents. This is the first decline in eleven weeks. With the expiration of the 2% FICA tax holiday, the rise in gasoline prices since mid-December has been painful to the average household.

It remains unclear how quickly fracking could be ramped up in the state, and the geological problems with the Monterey shale are still challenging. But California is definitely not off-limits California has some of the most stringent environmental regulations in the United States, so it might seem an unlikely place to welcome fracking. On Dec. 18, however, the state Department of Conservation published draft rules that could lead to widespread hydraulic fracturing for oil and gas.

By Doug Short: Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data. Gasoline prices at the pump fell last week, returning to the downward trend that was slightly interrupted last week. Rounded to the penny, the average for Regular and Premium both fell four cents. Regular is up 17 and Premium 20 cents from their interim weekly lows in the December 19, 2011 EIA report.

By Doug Short: Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data. Gasoline prices at the pump fell slightly, breaking a string of six consecutive weekly increases. Rounded to the penny, the average for Regular and Premium both rose one cent. Regular is up 21 and Premium 24 cents from their interim weekly lows in the December 19, 2011 EIA report.

“Cheaper gas prices” probably wasn’t tops on many holiday wish lists. But relief at the pump could represent a holiday dream come true: As families save money on gas, the budget will be freed up to purchase more presents. It has been quite an up-and-down year for gas prices—mostly up, considering that 2012 will go down as the most expensive year ever for gasoline.