Crude oil fell back to $97.53 a barrel this morning on the world market -- but Triangle drivers are still paying more for gas each day in the wake of last week's oil price spike above $100, blamed on turmoil in Libya.
The Triangle average for regular reached $3.338 a gallon today, a jump of 20.5 cents in just the past week.
That's just the average, of course, so some of us pay even more. The roving scouts at Raleighgasprices.com report lots of local stations selling regular for $3.40 and higher, with $3.50 the apparent ceiling.
Things were different three years ago in the spring of 2008, the last time we saw pump prices above $3 and rising. Today the price is climbing faster. And with more people out of work, the price of gas is causing more pain this time.
The local average on Feb. 28, 2008 was $3.177 and rising. It would climb past $3.60 by late April on the way to record highs above $4 in late summer 2008. But the North Carolina economy was a lot healthier back then, with a 5.2 percent unemployment rate in February 2008, so more of us had paychecks to help cover the higher cost of driving.
This month we have 9.8 percent unemployment. Many North Carolinians who still have jobs have seen their paychecks shrink in the past year. There's not a lot of extra cash to pay $3 more in the past week for a 15-gallon fill-up.
Triangle Transit, the regional bus service and transit planning agency, says bus ridership rises a lot when gas gets more expensive, and it declines a little when gas prices go down. Rider counts in January were up 14.4 percent for Durham's DATA and 17.7 percent for Triangle Transit compared to the same month a year ago.
And the GoTriangle Regional Transit Information Center (which also serves Raleigh and Chapel Hill bus riders) fielded a record 42,955 calls for bus information in January, more even than back when gas cost $4.
Crude buyers were scared enough about Libya last week to pay more than $100 a barrel. This morning the benchmark price (for West Texas Intermediate) was down a bit to $97.53.
Bruce Siceloff reports on traffic and transportation. A News & Observer reporter, editor and blogger since 1976, he took over the
Comments
SH*T OR GET OFF THE POT
Mon, 02/28/2011 - 19:15 — DB_NCThis isn't Obama, Bush, Democrat, Republican, Conservative, or Liberal ... this is the people in the United States bickering back and forth about who to blame. It's also not about the price of oil, gas, or any of the other forms of energy we use...and it's also not about inflation or the ever growing number of people without a job. While everyone sits around getting their panties in a wad, the government is laughing in our faces by passing laws that strip our freedoms, rescue banks & car companies with our money [that goes to pay their executives their bonus for running the company into the ground] .... even now that they're being blatantly open about their screwing us over ["Gas prices are on the rise because a gnat crashed into an oil rig on the lost continent of Atlantis] we just sit back and say "Oh, ok." And then continue to bicker about which political party is at fault. The saddest part is that things are going to get a lot worse before we finally do something about it. So run out to your local CVS and buy the family size jar of Vaseline [provided you can afford it] and assume the position.
gas prices
Mon, 02/28/2011 - 18:13 — red_fish_01high gas prices are right in obammys game plan. he figures if it gets expensive enough, his sell on mass transit and electric cars will be a slam dunk.
in the meantime, the idiots in his adminsitration, the energy department, etc are not doing a dang thing. shame on them. the entire lot ought to be FIRED!!!
Just more Rope and Chains we
Mon, 02/28/2011 - 17:34 — NesnahJust more Rope and Chains we can bereave in...
Just as Obama promised in his Campaign
Mon, 02/28/2011 - 14:35 — mike27513"Under my plan of Cap and Trade, energy prices will necessarily Skyrocket" quote from Barack Hussein Obama to the San Francisco Chronicle Newspaper editorial staff January 2008.
What's the surprise here? Obama has banned drilling , wants to raise gas taxes to European levels [$2 + /gallon TAX on every gallon] and shut down coal, natural gas and nuclear power plants [ only GE Windmills for him].
Obama voters and Democrat Communists you are getting what he promised!
RE: JUST AS OBAMA PROMISED IN HIS CAMPAIGN
Mon, 02/28/2011 - 15:29 — crx4500Actually the recent price increases are due to uncertainty and speculation about in the happenings in the Middle East ... but I give you an "A" for effort in blaming Obama for all of life's problems! You also get extra credit for using the president's middle name to increase the snark factor of your post!
Reality is hard for some to accept
Mon, 02/28/2011 - 16:41 — mike27513So he hasn't banned Drilling? No oil leases or environmental drillling permits have been issued.
He has not stated he wants to dramatically increase energy prices as HE SAID [see above]
He through his EPA appointee Adminstrator Lisa Jackson has not permitted any more coal power plants and will be increasing the costs of existing plants through Co2 emissions caps and recovery costs? No pipelines or refineries are being granted permits either.
And of course the world heading into a World War in the Middle East is because he is such a great international leader.., Iran getting Nukes, Islamic dictatorships coming to power, North Korea attacking South Korea, sinking ships.
If only we had a President who won the Nobel Peace Prize to lead us through these dangerous international crises.......
Ummm......Wait we do.... er .... Obama won the Peace Prize for.......
.......Anyways, he got the Medal and the Cash
Bush's fault
Mon, 02/28/2011 - 13:49 — stevemichaelsOnly when Bush was in charge did it become a "crisis" when gas prices were this high - Now its just "unfortunate events" and no where tied to leadership
Not to worry!
Mon, 02/28/2011 - 13:43 — readeracctObama's going to help you pay for your gas and mortgage!