Gas prices climb for 11th straight week
Average cost per gallon increases to $2.876, 9 cents more than a year ago
The Associated Press
Updated: 5:50 p.m. ET April 16, 2007
NEW YORK - The national average price for gasoline rose for the 11th straight week, according to a government report released Monday.
The U.S. Energy Information Administration said drivers paid an average of $2.876 for a gallon of regular gasoline in the week ended April 16, up 7.4 cents from a week ago and up 9.3 cents from a year ago.
Over the past 11 weeks, the national average price has surged 71.1 cents, or 33 percent, from $2.165 on Jan. 29.
Some of this week's sharpest gains were in the Lower Atlantic region of the East Coast, which stretches from West Virginia to Florida. Prices there gained 10.3 cents in the week to an average of $2.841.
The nation's highest average prices, though, remain on the West Coast at $3.195 per gallon, up 5.7 cents from the prior week.
Prices at the pump have been tracking the gasoline futures market, which has surged recently amid strong demand. Problems at U.S. refineries have also limited some production, and gasoline inventories sank by 5.5 million barrels to 199.7 million barrels during the first week of April.
Gasoline futures, though, eased Monday, falling 6.4 cents to $2.1157 per gallon in trading on the New York Mercantile Exchange.
Light, sweet crude for May delivery slipped 2 cents to settle at $63.61 per barrel on the Nymex after election-related violence in oil-producing Nigeria failed to sustain a rally.
Average cost per gallon increases to $2.876, 9 cents more than a year ago
The Associated Press
Updated: 5:50 p.m. ET April 16, 2007
NEW YORK - The national average price for gasoline rose for the 11th straight week, according to a government report released Monday.
The U.S. Energy Information Administration said drivers paid an average of $2.876 for a gallon of regular gasoline in the week ended April 16, up 7.4 cents from a week ago and up 9.3 cents from a year ago.
Over the past 11 weeks, the national average price has surged 71.1 cents, or 33 percent, from $2.165 on Jan. 29.
Some of this week's sharpest gains were in the Lower Atlantic region of the East Coast, which stretches from West Virginia to Florida. Prices there gained 10.3 cents in the week to an average of $2.841.
The nation's highest average prices, though, remain on the West Coast at $3.195 per gallon, up 5.7 cents from the prior week.
Prices at the pump have been tracking the gasoline futures market, which has surged recently amid strong demand. Problems at U.S. refineries have also limited some production, and gasoline inventories sank by 5.5 million barrels to 199.7 million barrels during the first week of April.
Gasoline futures, though, eased Monday, falling 6.4 cents to $2.1157 per gallon in trading on the New York Mercantile Exchange.
Light, sweet crude for May delivery slipped 2 cents to settle at $63.61 per barrel on the Nymex after election-related violence in oil-producing Nigeria failed to sustain a rally.
2 comments:
Why no talk about the revenue to the oil companies? A crisis arises (British sailors get nabbed by Iranians, etc.) and the price goes up $.25 overnight. Oil providers say that the market is unstable and they have to raise prices due to the crisis and the unstable market. When the crisis is over, oil companies complain that the supply/demand/refinery problem is the cause. Which is it?
I REALLY don't have a problem with companies making a profit. Only when we see the quarterly profit reports do we have a small outcry. Other businesses that rely on fuel (like every single one) are seeing whatever profits they are seeing diminished by the costs of that fuel. How long is it going to take for the businesses, as well as individuals, of this country to stand up and compare the bottom lines. Perhaps a group of irritated CEOs might assist the oil companies with their poor mismanagement of the refinery/supply chain.
Our local paper had a similar article yesterday.
http://www.rutlandherald.com/apps/pbcs.dll/article?AID=/20070429/BUSINESS/70427008/1011/BUSINESS
Cool blog.
"Let them fear as long as they consume." -Marilyn Manson (I think I paraphrased there, but he did say it).
The actual quote from Marilyn Manson is:
"Keep everyone afraid, and they'll consume."
Thank you, Internet Movie Database.
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