What do gas prices really mean? - WLOX.com - The News for South Mississippi

What do gas prices really mean?

Posted: Updated:

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. 

  • Most Popular StoriesMost Popular StoriesMore>>

  • Water advisories issued for 6 areas of the beach

    Water advisories issued for 6 areas of the beach

    Saturday, April 19 2014 7:55 AM EDT2014-04-19 11:55:08 GMT
    Advisories have been issued for several sections of the beach in Harrison and Hancock counties. The beaches aren't closed, but there may be an increased risk of illness associated with swimming in these areas.More >>
    Advisories have been issued for several sections of the beach in Harrison and Hancock counties. The beaches aren't closed, but there may be an increased risk of illness associated with swimming in these six areas.
    More >>
  • Biloxi bakery celebrates 90 sweet years in business

    Biloxi bakery celebrates 90 sweet years in business

    Saturday, April 19 2014 6:54 AM EDT2014-04-19 10:54:05 GMT
    A Biloxi bakery has many people thinking of delicious pastries for Easter time. And they've been doing it for nine decades! The Electrik Maid Bake Shop is celebrating 90 years in the baking business.More >>
    A Biloxi bakery has many people thinking of delicious pastries for Easter time. And they've been doing it for nine decades! The Electrik Maid Bake Shop is celebrating 90 years in the baking business.More >>
  • Pearl High School student takes dream date to prom

    Pearl High School student takes dream date to prom

    Saturday, April 19 2014 12:26 AM EDT2014-04-19 04:26:01 GMT
    18-year-old Jacob Daniels can barely wipe the smile off his face, in anticipation of his Senior Prom Friday night. His mother Lori helps him try on his tuxedo as he talks about the dream girl he'll beMore >>
    Eighteen-year-old Jacob Daniels can barely wipe the smile off his face, in anticipation of his Senior Prom Friday night. His mother Lori helps him try on his tuxedo as he talks about the dream girl he'll be arm in arm with.
    More >>
Powered by WorldNow

208 DeBuys Road
Biloxi, MS 39531
(228) 896-1313

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and WLOX. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.