What do gas prices really mean? - WSFA.com Montgomery Alabama news.

What do gas prices really mean?

Posted: Updated:
  • More newsMore>>

  • Gaza cease-fire holds as sides weigh gains

    Gaza cease-fire holds as sides weigh gains

    Wednesday, August 27 2014 6:48 AM EDT2014-08-27 10:48:11 GMT
    An open-ended cease-fire between Israel and Palestinian militants in the Gaza Strip is holding, as many wonder what was gained during 50 days of fighting.More >>
    An open-ended cease-fire between Israel and Palestinian militants in the Gaza Strip was holding Wednesday, as many people on both sides of the conflict wondered what was gained during 50 days of fighting.More >>
  • UN panel: Crimes against humanity spread in Syria

    UN panel: Crimes against humanity spread in Syria

    Wednesday, August 27 2014 6:43 AM EDT2014-08-27 10:43:23 GMT
    The independent U.N. commission on Syrian war crimes says the Islamic State group has committed crimes against humanity with its attacks on civilians in two cities in the country's north and west.More >>
    An independent U.N. commission said Wednesday that the Syrian government has likely used chlorine gas to attack civilians and that the Islamic State group committed crimes against humanity with attacks on civilians in two...More >>
  • School board adopts new process to evaluate MPS superintendent

    School board adopts new process to evaluate MPS superintendent

    Wednesday, August 27 2014 6:35 AM EDT2014-08-27 10:35:36 GMT
    A new evaluation tool has been approved to gauge the progress of Montgomery school superintendent Margaret Allen. All eyes have been on Allen and her efforts to turn the system around and the school boardMore >>
    A new evaluation tool has been approved to gauge the progress of Montgomery school superintendent Margaret Allen. All eyes have been on Allen and her efforts to turn the system around and the school board now has a new process to ensure that the goals she's set are being met.   More >>

In the last month, gas prices in Georgia have gone up 20 cents. In the last three years, prices at the pump have steadily risen an extra $2 a gallon.

However, the roller coaster ride started in July 2008 when people were paying a little over $4 for a gallon of gas.

Then, the great recession began and prices hit an average low of $1.48 in January 2009.

Compared to that price, if you fill up your 12 gallon tank once a week, you are paying an extra 1,248%.

Who is to blame for these prices?  Oil companies love to talk about Israel and Iran while some blame the President. But, the facts are Exxon Mobile's profits were up about 50% over the previous year. Profits in 2010 were $19 billion and $30 Billion in 2011.  So, part of the blame could go to federal regulators who, 13 years ago, let #1 Exxon and #2 Mobile merge.  

But, if you think gas is expensive here, we've actually got it good compared to many other companies.

Canada's average is a dollar more than the U.S. Italians pay nearly $6.00.  The big differences are steep fuel prices.  

On the other end, in oil-rich Saudi Arabia, motorists pay $0.90 per gallon.   The lowest price of a gallon in the world is $0.12 in Venezuela.  

Copyright 2012 WTVM. All rights reserved. 

Powered by WorldNow