What do gas prices really mean? - KCBD NewsChannel 11 Lubbock

What do gas prices really mean?

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. 

  • Local News on KCBD.comNewsMore>>

  • A stunned Puerto Rico seeks to rebuild after Hurricane Maria

    A stunned Puerto Rico seeks to rebuild after Hurricane Maria

    Thursday, September 21 2017 3:46 AM EDT2017-09-21 07:46:11 GMT
    Thursday, September 21 2017 1:49 PM EDT2017-09-21 17:49:54 GMT

    Maria hit the island Wednesday morning as a Category 4 storm with 155 mph winds, the strongest hurricane to hit Puerto Rico in over 80 years.

    Maria hit the island Wednesday morning as a Category 4 storm with 155 mph winds, the strongest hurricane to hit Puerto Rico in over 80 years.

  • Maria destroys homes, triggers flooding in Puerto Rico

    Maria destroys homes, triggers flooding in Puerto Rico

    Wednesday, September 20 2017 3:55 AM EDT2017-09-20 07:55:20 GMT
    Thursday, September 21 2017 1:48 PM EDT2017-09-21 17:48:35 GMT

    Hurricane Maria ties for the eighth strongest storm in Atlantic history, when measured by wind speed. 

    Hurricane Maria ties for the eighth strongest storm in Atlantic history, when measured by wind speed. 

  • Body found at collapsed Mexico school; girl still trapped

    Body found at collapsed Mexico school; girl still trapped

    Thursday, September 21 2017 2:05 AM EDT2017-09-21 06:05:54 GMT
    Thursday, September 21 2017 1:48 PM EDT2017-09-21 17:48:18 GMT

    A delicate effort to reach a young girl buried in the rubble of her school stretched into a daylong vigil, much of it broadcast across Mexico as rescue workers still struggled in rain and darkness early Thursday trying to reach her.

    A delicate effort to reach a young girl buried in the rubble of her school stretched into a daylong vigil, much of it broadcast across Mexico as rescue workers still struggled in rain and darkness early Thursday trying to reach her.

Powered by Frankly