Posted on 05/06/2007 4:58:57 PM PDT by don-o
CAMARILLO, Calif. - Gasoline prices have surged to a record nationwide average of $3.07 per gallon, nearly 20 cents higher than two weeks earlier, oil industry analyst Trilby Lundberg said Sunday. The previous record was $3.03 per gallon on Aug. 11, 2006.
But despite inventory fears that have sent prices higher, there are signs that the rising prices at the pump may be peaking.
Just two weeks ago, the U.S. average for a gallon of regular gas was $2.87, but the Lundberg Survey of 7,000 stations nationwide on Friday showed an increase of about 19.5 cents to $3.07. That's up 88.4 cents since Jan. 19, Lundberg said.
The nationwide average for mid-grade gasoline was $3.18 and premium was $3.28.
The nation's lowest average pump price was $2.80 per gallon in Charleston, S.C., while the highest was $3.49 in San Francisco.
The recent increases are due mostly to refinery problems, Lundberg said, noting there have been at least a dozen additional partial shutdowns in the U.S. and internationally that cut refining capacity.
One of the nation's largest refineries, a BP PLC plant in Indiana that processes more than 400,000 barrels of oil per day, will not be operating at full capacity for several months due to unexpected repairs.
Other examples include a 170,000-barrel-per-day plant in McKee, Texas, that was shut down for a month, and a 470,000 barrels-per-day plant in Texas City operating at less than half capacity.
The outages have been reflected in weekly government data which has shown gasoline inventories falling during a season when most analysts think they should be rising. Summer driving begins Memorial Day weekend, and analysts worry refineries won't be producing enough gasoline by then to meet demand.
The Oil Price Information Service and AAA reported Friday that the national average price of a gallon of gasoline hit $3.012 that day, up 2.1 cents overnight.
Despite prices at the pump climbing past the $3 mark, analysts have said the inventory fears can only go so far, as evidenced by recent declines in oil and gas futures. Retail prices generally lag the futures markets, so consumers can end up paying more for gas even as futures prices drop.
Gasoline futures for June delivery have dropped in the last week, falling 3.12 cents Friday to settle at $2.2164 a gallon on the New York Mercantile Exchange.
Not quite an oxymoron.
With the great mileage my Tracer gets, it's still no big deal for me.
Amen!
We have 3.19 here, north of Detroit.
That was our high price last year.
Fourth of July, the trip up north will cost us BIG bucks!
Stations started climbing over $3.50 last week in San Diego North County.
Seems like forever since it’s been under $3.
Last week here in good ole Michigan we paid $2.67 this week it is $3.35
$3.18 in the Ethanol Belt of Hoosierland
Not adjusting for inflation... gas prices in the 70s were much higher after such adjustments.
Not only high gas prices but the roads leading to “up north” will be torn up as usual !!! Getting to Harbor Springs is a nightmare !!
If one particular price is rising, it’s a price correction for a market shortage. If all prices appear to rise, it’s because the dollar is falling. That certainly seems to be the case today. The dollar is reaching record lows even trading against other inflated currencies. In earlier eras, conservatives would have been screaming about the inflation.
I noticed Asheville was higher than the surrounding area when son was there several years ago.
Olympia, Washington was at $3.45 yesterday when I was there. Just over a hundred miles south, where I am, it is about $3.35.
$2.87 — I saw it as high as $3.30 after Katrina — the local average might have been as low as $3.20 that week.
$3.09 to $3.17 all in the same town. It doesn’t make any sense.
its funny but since I'm unemployed, I only have to fill up every two weeks or so and the last time I bought gas it was about $2.45 a gal. I had no idea that gas prices had been rising.......
Fortunately I have a small car that only holds 11 gal. so today's fill up only cost me just over $30 bucks............
Glad I don't own a big honking SUV.......
2.99(9) at BP Amoco in Mt. Airy, MD.
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