With the price of energy soaring – oil passed $100 per barrel on Tuesday – long-haul truckers are hurting, but hybrid manufacturers are smiling. Californians feel the pinch at the pump while Midwesterners, closer to large fuel inventories, wonder what all the fuss is about. With gasoline now at $3.37 per gallon – 20 cents higher than last week, and rising daily – who is profiting from higher prices and who is not?
The US average gas price is $3.22 – and appears headed lower. The bad weather this winter was a factor, but 'fracking' is also driving energy prices downward.
Oil prices rebound on positive moves from Europe after dipping to 12-month lows. Lower oil prices had caused US gasoline prices to drop 27 cents in a month.