Gas Prices Continue To Rise

We are now witnessing the highest prices for gasoline ever at this time of year. Nationwide the average as of yesterday, 2/28 was $3.38 per gallon.

Here in the Abilene area, prices at many stations are $3.25, with some now charging $3.35 a gallon. And it's all based on fear and speculation.

Supplies are plentiful, while demand is moderate. The turmoil in Libya is fueling the fear of more widespread protests and uheaval, which in turn fuels higher prices at the pump.

I've never understood the psychology of gas prices, nor the behind-the-scenes actions of oil producers, suppliers, and commodity buyers. It's beyond belief to me that we are paying this much at this point in a fragile economic recovery. What's your take? The sticker shock out there is real, and I think it will immediately have an effect on how much we drive, and how much we spend on goods in a weak economic climate. (via reuters.com)