What would you pay $4.00 for? A sixteen ounce, soy milk, vanilla latte? An ebook? A king sized bag of M&Ms? Or perhaps the latest and greatest app that customizes your workout, breakfast, lunch and dinner that serenades you to sleep at night? Perhaps. Sometimes though – four dollars or four hundred dollars goes towards necessities like food, utilities, and fuel. Four dollar fuel is not something we've heard much of in the last three years. They're back though and squeezing consumers last cents right out of their pockets.
Reports indicate the average price for a gallon of diesel has climbed another 2.9 cents, bringing the cost of fuel to just one-tenth of a penny short of the high last spring — and making for the second highest cost since the record-setting price run-up of 2008.
Officially, the nationwide retail on-highway price for a gallon of diesel came in at $4.123, according to the March 13 report by the Energy Information Administration of the Department of Energy.
The last time fuel prices were this high was May 2 last year when the cost peaked at $4.124. Otherwise, diesel prices are at the highest level since late August 2008, as prices fell from the all-time high of $4.764 a month before.
(source: http://www.thetrucker.com/News/Stories/2012/3/12/Dieselupanother3centsclimbingtoward2008level.aspx. )
What the White House is Saying
According to UPI.com, “The Obama administration defended President Barack Obama's energy initiatives against a backlash by U.S. voters over the high price of gasoline at the pump.
All options to address rising gasoline prices -- including tapping the Strategic Petroleum Reserve -- are on the table, Interior Secretary Ken Salazar said Monday during a news briefing on a progress report on energy security,” (http://www.upi.com/Top_News/US/2012/03/12/White-House-takes-on-gas-price-critics/UPI-26011331593680/#ixzz1oy3Zjzre.)
Current gas prices are critical conversation point in not only economics, but politics as well. The current administration's failure to control fuel prices in recent months has provided fuel for the political fire and policy recommendations in general.
A Washington Post-ABC News poll released Monday indicated 65 percent of Americans disapprove of Obama's handling of rising gas prices, while 26 percent approve.