What do gas prices really mean? - WMC Action News 5 - Memphis, Tennessee

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. 

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