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Steve Myers
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MoneyNews
NEW YORK -- U.S. retail gasoline prices could hit an all-time high by the end of this month due to ongoing problems at the nation's oil refineries, automobile and travel group AAA said Wednesday.
Gasoline prices have surged 30 cents since early April to $2.97 a gallon on average, bringing them within a dime of the record struck after Hurricane Katrina shut down refineries along the Gulf Coast in 2005.
"The nationwide average price of self-serve regular will probably hit $3 per gallon in the next few days, and could possibly set a new all-time record high price before the end of the month," AAA said.
Gasoline stockpiles in the United States have dropped by 15 percent since early February amid an unusually high number of refinery outages, alongside robust demand and low imports.
AAA said it was "alarming" that gasoline prices were rising so high without the backdrop of a major geopolitical or natural event to disrupt supply, like a hurricane or a new military flare-up in the Middle East.
"Because oil prices today are at least $10 less expensive per barrel than when gasoline prices previously exceeded $3 per gallon, almost all of the price pressure on gasoline can now be attributed to America's continuing — and increasing — inability to supply enough refined gasoline to the marketplace," AAA said.
The U.S. government said earlier this week that gasoline prices could hit a record this summer.
http://newsmax.com/money/archives/articles/2007/5/2/140037.cfm?MN=1&promo_code=3380-1&s=al |
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Sat May 05, 2007 10:35 am |
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Steve Myers
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Part of the problem has to be the switch over from winter to summer blends???!
My questions is this, why don't we pick a blend and stick with it??
I have never notice a difference in the way my car runs when they change the blends at the pump. |
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Steve Myers |
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Sat May 05, 2007 10:47 am |
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Steve Myers
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I did a little research and answered my rant:
The term "summer blend" is shorthand for a menu of federally and locally mandated summertime fuel recipes that are designed to cut down on smog.
So why not use the summer blend year-round?
The main reason—apart from the fact that the 1990 law isn't written that way—is that summer-blend gas doesn't work as well in the winter. Summer blends low-evaporation rate makes engines less likely to stall in hot weather but can make them difficult to start in the cold.
http://www.slate.com/id/2098672/ |
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Sat May 05, 2007 10:49 am |
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00SL2
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Just as a point of reference, in a September 3, 2005 article in the Detroit News, "Meanwhile gasoline prices, which had gone at least as high as $3.65 a gallon Thursday, began dropping to just below $3 a gallon Friday afternoon, according to Michigangasprices.com."
http://www.detnews.com/2005/metro/0509/05/metro-302224.htm |
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Sat May 05, 2007 11:49 pm |
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Biggie9
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again showing what a significant event, Hurricane Katrina, can have on the marketplace.
supply is disrupted, demands stays the same, Prices go UP UP UP UP.
Can reduce that by either reducing demand OR increasing supply.
in this case, since we understand crude oil price to somewhat stable and less than previous highs, we are facing a situation of reduced supply. Someone has turned the spigot of gas down/lower...why? legitimate or not?
we've seen how companies such as Enron manipulatedthe supply of electricty in Kaleefourneeya, improperly and illegally to create windfall profits.
So lets make sure the reasons supplies are down are legit. No tampering by corps OR governments [and note government ALWAYS gets their taxes on those gallons of tax] Note Grannyhome wanted the corps profits capped BUT NOT HER TAXES [revenues] in order to reduce gas prices. Hypocrite. |
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Biggie |
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Sun May 06, 2007 12:44 am |
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