Wednesday, August 27 2014 6:48 AM EDT2014-08-27 10:48:11 GMT
An open-ended cease-fire between Israel and Palestinian militants in the Gaza Strip is holding, as many wonder what was gained during 50 days of fighting.Full Story >
An open-ended cease-fire between Israel and Palestinian militants in the Gaza Strip was holding Wednesday, as many people on both sides of the conflict wondered what was gained during 50 days of fighting.Full Story >
Wednesday, August 27 2014 6:43 AM EDT2014-08-27 10:43:23 GMT
The independent U.N. commission on Syrian war crimes says the Islamic State group has committed crimes against humanity with its attacks on civilians in two cities in the country's north and west.Full Story >
An independent U.N. commission said Wednesday that the Syrian government has likely used chlorine gas to attack civilians and that the Islamic State group committed crimes against humanity with attacks on civilians in two...Full Story >
Wednesday, August 27 2014 6:22 AM EDT2014-08-27 10:22:49 GMT
Glen Galemmo, the man behind one of the largest Ponzi schemes in Ohio history, is set to learn his punishment Wednesday. The former Cincinnati money manager is expected to appear in Federal Court whereFull Story >
Glen Galemmo, the man behind one of the largest Ponzi schemes in Ohio history, is set to learn his punishment Wednesday.Full Story >
Wednesday, August 27 2014 6:09 AM EDT2014-08-27 10:09:34 GMT
There is the chance of a shower or thunderstorm into this evening but what ever we get will be spotty. Full Story >
Today, a weak cold front will track south. As a result, showers and thunderstorms are possible. Expect temperatures to reach the low 90s under a mix of sun and clouds. Full Story >
NEW YORK (CNNMoney) -
It's happening again.
It's not even close to the summer driving season -- in fact, it's not even springtime -- but as surely as February gives way to March, gas prices have begun their annual assent.
The average price for a gallon of regular is now $3.53 a gallon, according to AAA. That's 17 cents higher than it was just a week ago, and 23 cents higher than last month.
In parts of Los Angeles, drivers are already paying more than $5 a gallon.
"I'm shocked. I don't know what happened," Diana Griffitts, a motorist filling up at a downtown LA station, told CNN. "Just a week ago I paid under $4 a gallon. I'd like an explanation."
Well Diana, we'll try.
Analysts say gas prices are going up for two basic reasons: oil prices are rising, and refineries are shutting down.
Oil prices have jumped 10% over the last two months. The price of crude accounts for 68% of the cost of a gallon of gas, according to the Energy Information Administration. Other costs include refining (8%), marketing and distribution (11%), and taxes (13%).
Energy analysts say oil prices are rising partly because the economy is improving. The U.S. housing market had its best year in the last five, U.S. job growth is steady, and the Chinese economy is showing an uptick.
OPEC production cuts are also causing oil prices to rise. The cartel is believed to have cut production by about 1 million barrels a day over the last few months, partly as a response to rising oil production elsewhere, notably the United Sates.
On the refining front, several refineries have either shut down or are about to for maintenance before the switch to summer gasoline, which often has to be formulated to prevent smog buildup in the warmer weather. That comes on top of the closure of a Hess refinery in New Jersey last month, which was reportedly losing money.
"There's no shortage," said Andrew Lebow, an energy broker at Jefferies Bache in New York. "But there's anticipation that as refineries go down, stockpiles will draw."
Investors are moving their cash into energy futures, attracted by the improving economy and potentially lower gasoline supplies.
In early December, 11.7% of the most commonly traded U.S. oil futures contracts were held by investment funds betting the price would go higher, according to the Commodity Futures Trading Commission. As of last week, that number jumped to 15%.
That money-movement ritual happens every spring, according to Tom Kloza, chief oil analyst at the Oil Price Information Service. Each year, though, it seems to be happening earlier and earlier, he said.
Fortunately for motorists, prices this year are not expected to be as high as last year.
Thanks to an oil and gas production boom in this country, peak gasoline prices are expected to top out somewhere between $3.50 a gallon and $3.90 a gallon this year, Kloza said. Last year's top price was $3.94 a gallon, set in early April.
Average prices for the whole year are expected to be lower, too. Kloza is predicting an average of $3.25 to $3.50 a gallon. That's nice break from last year's average of $3.60 -- which caused U.S. motorists to spend a record $479 billion at the pump.
Wednesday, August 27 2014 2:48 AM EDT2014-08-27 06:48:05 GMT
Utah authorities have arrested a 23-year-old woman who they say dumped her newborn baby in a neighbor's trash can.Full Story >
A Utah woman accused of dumping her day-old baby in a neighbor's trash can told police she was afraid to tell her parents about the pregnancy and hoped the newborn's death would solve her problems, a probable cause...Full Story >
Thursday, August 21 2014 11:59 AM EDT2014-08-21 15:59:09 GMT
A car smashed into the side of a hearse during a funeral procession Wednesday, knocking it on its side. The crash happened early Wednesday afternoon in Colerain Township. A funeral procession was headedFull Story >
A car smashed into the side of a hearse during a funeral procession Wednesday, knocking it on its side.Full Story >
Wednesday, June 11 2014 3:21 PM EDT2014-06-11 19:21:53 GMT
A Hamilton man with a long history of public indecency convictions was arrested again for simulating sex with a pool float. Edwin Tobergta, 35, was arrested Wednesday morning after a witness observedFull Story >
A Hamilton man with a long history of public indecency convictions was arrested again for simulating sex with a pool float.Full Story >