Gas prices up on Iran, economy and a consumer tropical disease

Media release

Conception Bay South, NL, August 7, 2012- Consumers are possibly looking at a substantial increase in gasoline prices this coming Thursday on rising Middle East tensions and signs of an awakening US economy. That news comes from George Murphy, group researcher and member of the Consumer Group for Fair Gas Prices.

Increase to prices? Why?

“The latest us jobs report showed better than expected results and there’s some economic optimism that has awakened investors in oil and refined products. Consumers south of the border have already seen upwards of thirty cents on a US gallon this week alone. That was enough to show oil prices moving up by close on $5.50 over the last week! Increased by Refinery outages in the US western region, have also sparked gasoline figures,” Murphy said.

“We also have the specter of rising tensions in Iran and the ongoing situation in Syria. The fear amongst traders is that the violence in Syria will spill over into neighboring Middle East nations and disrupt supplies to the consuming countries. It’s because of a threat to consumers and business alike in this country that we need the security of supplies to look after us. It’s another strong reason for a national energy program geared to consumers’ needs first”.

The numbers

“Numbers show heating and stove oils to increase by a mere 42/100ths of a cent, while diesel is projected to increase by 1.6 cents a litre. Gasoline is projected to increase by close on 4.7 cents a litre at the pumps this Thursday morning, mirroring what has happened already to US consumers”.

Other factors await…

“I’m keeping an eye to situation in the Gulf of Mexico as well. It seems that some investment in oil was started early last week when the National Hurricane Center first projected Ernesto to swing into the Gulf of Mexico. Its early track had it hitting the Texas region, but that has since changed. It was an excuse early last week in helping to give a boost to oil prices. It seems that we’re also dealing with a touch of Hurricane syndrome. It is, after all, the season!”

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For more information, contact;

George Murphy

Group researcher/member

Consumer Group for Fair Gas Prices

Twitter: @GeorgeMurphyNDP