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>>

  • North Korea slams Pence as summit with Trump grows shakier

    North Korea slams Pence as summit with Trump grows shakier

    Wednesday, May 23 2018 8:51 PM EDT2018-05-24 00:51:44 GMT
    Thursday, May 24 2018 4:02 AM EDT2018-05-24 08:02:37 GMT
    (AP Photo/Ahn Young-joon). Women protesters stage a rally for peace on the Korea peninsular near U.S. Embassy in Seoul, Wednesday, May 23, 2018. U.S. President Donald Trump labored with South Korea's Moon Jae-in Tuesday to keep the highly anticipated U...(AP Photo/Ahn Young-joon). Women protesters stage a rally for peace on the Korea peninsular near U.S. Embassy in Seoul, Wednesday, May 23, 2018. U.S. President Donald Trump labored with South Korea's Moon Jae-in Tuesday to keep the highly anticipated U...
    A top North Korean official says recent comments by U.S. Vice President Mike Pence were "stupid" and "ignorant" and again warns the country is willing to pull out of a planned summit with Trump.
    A top North Korean official says recent comments by U.S. Vice President Mike Pence were "stupid" and "ignorant" and again warns the country is willing to pull out of a planned summit with Trump.
  • Syria state-run media reports US-led airstrike on army posts

    Syria state-run media reports US-led airstrike on army posts

    Wednesday, May 23 2018 9:11 PM EDT2018-05-24 01:11:43 GMT
    Thursday, May 24 2018 3:53 AM EDT2018-05-24 07:53:52 GMT
    A Pentagon spokesman said there was "no information" to confirm or deny the reports. (Source: Raycom Media)A Pentagon spokesman said there was "no information" to confirm or deny the reports. (Source: Raycom Media)

    Syrian government-run media outlet is reporting that U.S.-led coalition airstrikes have struck Syrian army positions in eastern Syria near the front lines with the Islamic State group.

    Syrian government-run media outlet is reporting that U.S.-led coalition airstrikes have struck Syrian army positions in eastern Syria near the front lines with the Islamic State group.

  • Judge: President can't block critics on Twitter

    Judge: President can't block critics on Twitter

    Wednesday, May 23 2018 1:43 PM EDT2018-05-23 17:43:15 GMT
    Thursday, May 24 2018 3:52 AM EDT2018-05-24 07:52:13 GMT
    A federal judge in New York says President Donald Trump cannot block his critics on Twitter without violating the First Amendment. (Source: CNN)A federal judge in New York says President Donald Trump cannot block his critics on Twitter without violating the First Amendment. (Source: CNN)

    A federal judge in New York says President Donald Trump cannot block his critics on Twitter without violating the First Amendment.

    A federal judge in New York says President Donald Trump cannot block his critics on Twitter without violating the First Amendment.

Powered by Frankly