Gasoline prices hit another all time high

When I first started driving (just over five years ago), I could fill up my tank for about $15. Now? The same amount gets me about one quarter tank. Absolutely ridiculous.

A gallon of regular unleaded costs an average of $3.196, up from $3.178 on Sunday, according to AAA and Oil Price Information Service. Prices are up 33.7 cents from a month ago and 30.4 cents from a year ago, as demand remains strong, and a spate of planned and unexpected refinery shutdowns have constricted supply.

"As we start a new week, we have an insanely bullish market — which has already advanced to absurdly high levels," Cameron Hanover's Peter Beutel wrote in a research report. "We are running seven weeks behind normal this refinery turnaround season, after taking an extra seven or eight weeks in the fall to maintain refineries."

The U.S. Energy Information Administration reported last week that gasoline inventories — while increasing to 195.2 million barrels for the week ended May 12 — are still well below the average for this time of year. The nation's peak driving season, meanwhile, is set to begin this long Memorial Day weekend.

I do find it quite amusing when I pull up to a gas pump and see that someone has just paid $75-$100+ to fill their car up. Good going SUV owners of America.