Jan. 6, 2012, 12:01 a.m. EST
Gasoline prices start the year with a bang
Prices at the pump at highest-ever for the launch of a new year
By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) — Gasoline prices at the pump started the year off with a bang — at the highest-ever level for the start of a new year, and analysts expect a particularly volatile 2012.
The average U.S. price for a gallon of regular unleaded stood at nearly $3.28 on Jan. 1, according to AAA Daily Fuel Gauge Report. That’s over 20 cents above the year-ago price and almost 63 cents above 2010’s starting level.
The price kickoff to the new year -- a record high for the start of a year, according to Tom Kloza, chief oil analyst at the Oil Price Information Service (OPIS) -- doesn’t bode well for consumers. That’s especially the case because retail gasoline prices typically don’t peak until April to July.
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A convergence of factors in the spring that include shutdowns for refinery maintenance, the “painful ... switch from winter to summer gas and the overenthusiastic purchases of investors and speculators, make a second quarter spike not just predictable, but inevitable,” he said.
More: http://www.marketwatch.com/story/gasoline-prices-start-the-year-with-a-bang-2012-01-06
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