I noticed this morning that gas on my street’s Enmark hit $3.32. Damn. WRAL in Raleigh noticed spikes, too:
NEW YORK — Nationwide and regional retail gas prices surged to new records on Saturday and appear poised to rise further in coming weeks as gasoline supplies tighten.
Oil prices, meanwhile, supported the gas price rally by jumping more than $2 a barrel Friday after a dismal employment report sent the dollar lower.
At the pump, gas prices rose 1.3 cents overnight to a national average of $3.316 a gallon Saturday, according to AAA and the Oil Price Information Service. That price marked the latest in a series of records and was about 60 cents higher than a year ago.
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In a way, rising oil & gas prices are the best way to provide a profit motive for alternative energy, fuel efficient vehicles, better public transportation and conservation, though it is going to hurt in the meantime.