Posted on 03/20/2003 3:31:45 PM PST by Happy2BMe
NEW YORK (Reuters) - U.S. motorists and gasoline retailers were keeping a level head on Thursday as war began in the oil-rich Gulf, with no reports of panic fuel-buying or price gouging, the American Automobile Association said.
"So far, so good," said Mantill Williams, a spokesman for the automobile and travel group. "We've gotten no reports of any price gouging and no reports of abnormal buying patterns that could lead to regional shortages."
Fears had been widespread that pump prices would shoot higher in some parts of the country because of expectations from drivers and fuel suppliers that the U.S.-led war in Iraq would disrupt shipments from the Middle East, which accounts for roughly 40 percent of world oil exports.
Following the September 11 attacks in 2001, some service stations in the United States pushed their pump prices as high as $5 a gallon as motorists flocked to fuel up, before swiftly bringing them back down and providing rebates.
The national average retail gasoline price on Thursday was holding around $1.71 a gallon, down slightly from the all-time high of $1.72 hit earlier this week, though some areas, including in California, were still above the psychological $2 mark, AAA said.
The high prices in recent weeks have triggered calls for vigilance against price gouging by several U.S. lawmakers.
Oil prices, which make up the lion's share in the cost of gasoline production, slid sharply as U.S.-led forces began hitting targets in Iraq, with dealers anticipating a short war.
The price of U.S. light crude oil futures dropped $1.27 to $28.61 a barrel, topping off a roughly 25 percent slide since last week, a sign that retail gasoline prices could subside in the coming weeks.
But Michael Moore told me that gas was over $2.00 a gallon. He wouldn't lie to me, would he? I know that the sign I can see from my window tells me that gas costs $1.65, but I think I'll believe Michael Moore instead.
But seriously, though, how stupid does Reuters think the American people are? Iraq supplies exactly 0% of US oil imports, and everybody knows it. How is a war in Iraq going to effect supply at the pump?
Crude oil, yes, but oil products, not exactly. Another question: is oilfield production continuing even right now?
I am not sure where you are in Apex or if you drive 55 at all. But it is the only road i drive on from home to work and back. I pass the propane station on 55. Today, the trucks were 3 to 5 wide from the road to the tanks, and then the tankers were backed up all the way to US 1. I have never seen anything like it before.
Did you see that May 6th MTV is doing their ICON tribute to Metallica!
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