Gas prices are up about $1 compared with one year ago.
Derek Thompson had a good article yesterday picking apart the various factors involved in rising gas prices. Here’s how he broke it down:
Two interesting ways to put that in perspective:
1) Most cap-and-trade proposals priced a ton of carbon around $20, which would’ve translated into about 18 cents per gallon of gasoline.
2) Drilling in the Arctic National Wildlife Refuge would — at best — lower prices by about 3 cents. Meanwhile, Americans pay about 10 cents per gallon in interchange fees (the fees that credit companies charge so you can use your card).
I’ll have more to say on the speculation side of this a bit later today.