Hawaii Average Premium Gas Hits $4.708, As Nationwide Pump Prices Jump By 30 Cents In A Month

Submitted by Tyler Durden
04/24/2011 06:34 -0400
115 comments

Now that the Obama approval rating has hit a plateau where it correlates only with the inverse average price of gas instead of the Russell 2000, the AAA brings some more ominous news http://fuelgaugereport.opisnet.com/index.asp for the man who last week launched a crusade to wipe out all oil speculators (and witches) from the face of the earth. While last week the average price at the pump was $3.81, http://www.zerohedge.com/article/gasoli ... ions-surge it has since surged once again to hit a new multi year nominal high of $3.86, getting dangerously close to the all time high record price of $4.114 recorded on July 17, 2008. Incidentally premium is already above that mark,currently averaging $4.128. The number is also a nearly 10% increase from a month ago when the average price was $3.561. Seven states reported an average gas price above $4 with Hawaii once again leading the pack at a $5 rounding up $4.534. And of course, instead of focusing on the real cause of surging commodity prices, the administration's response: the creation of a "working group" to battle manipulation.

From BusinessWeek: http://www.businessweek.com/news/2011-0 ... ation.html

The Obama administration created a working group to explore whether oil and gasoline prices are being driven higher by illegal manipulation, the Justice Department said.

The working group, which includes representatives of federal agencies and state attorneys general, will check for fraud, collusion or misrepresentation at the retail and wholesale level, the department said in a statement today. The group also will examine investor practices and the role of speculators and index traders in oil futures markets.

“Rapidly rising gasoline prices are pinching the pockets of consumers across the country,â€