AAA: Average prices of gas in Washington $3.64
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Gas prices on the rise, speculators blamed
Gas prices in Southwest Florida are more than ten cents higher than the national average, according to the AAA Auto Club.
Public Citizen, a consumer advocacy organization, notes domestic demand has plummeted, down 5.4 percent from a year ago, and the group blames Wall Street for the price hike at the pump.
"A lot of people think it's greed on Wall Street," says Stephen Shea, a registered investment advisor with American Portfolio Services.
But Shea notes Exxon's profits are a little over 8-percent, compared to Apple's net profit around 26-percent.
Shea explains the commodities market is very complex, noting many factors send oil prices up, including geopolitical uncertainties, a weak dollar, governmental regulations, the upcoming presidential election, and speculators.
"Right now, it's in a bubble brought on by speculators," says Shea, comparing it to the real estate bubble created by speculators five to six years ago.
