Thanks Obama! Gas prices hit all time February highs

obama-high-gas-pricesWelcome to ObamaVille in the second term. Gas prices today hit an all time record high for the months of February (usually a cheap month because of the ‘winter blend.’) Out here in Kalifornia, gas prices are around $4 per gallon again, something has I’ve never seen this time of year. Nationally, the average price for a gallon of gas sits at $3.52 per gallon.  Basically this is yet another hidden tax on all Americans, on top of the 77% of Americans that saw taxes go up after the so called ‘fiscal-cliff’ deal was done how Obama and the Democrats demanded it be done.  Basically Americans are paying about $2900 per year for gas, or 4% of their income.  As we move closer to spring in later Feb and early March, gas prices typically go up even more as they get ready for the ‘summer blend.’

According to AAA, the national average price of regular gasoline is $3.52 a gallon, 4 cents higher than the average price a year ago. The average price was $3.35 a gallon a week ago and $3.30 a gallon a month ago.

Meanwhile, the U.S. Energy Information Administration reported Monday that gasoline expenditures in 2012 for the average U.S. household reached $2,912, or just under 4 percent of income before taxes. This was the highest estimated percentage of household income spent on gasoline in nearly three decades, with the exception of 2008, when the average household spent a similar amount. Gasoline prices averaged $3.63 a gallon in 2012, according to EIA.

Although overall gasoline consumption has decreased in recent years, a rise in average gasoline prices has led to higher overall household gasoline expenditures, according to the EIA.

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