US Retail Gasoline +4.9c To $3.103/Gal; Record High -EIA
>>>I will be attending the Senate Energy and Natural Resources Committee tomorrow morning at 10:00AM. I would wager $10 that chairs will be thrown. If Hillary is there it will be lamps.<<<
DOW JONES NEWSWIRES
May 14, 2007 4:42 p.m.
NEW YORK (Dow Jones)--The U.S. average retail price of regular gasoline rose 4.9 cents a gallon to $3.103, the highest ever level for the fuel, the Energy Information Administration said Monday.
The price is 3.4 cents higher than the record high set on Sept. 5, 2005, after Hurricane Katrina struck U.S. Gulf Coast refineries. Prices are 15.6 cents above a year ago.
With two exceptions, gasoline pump prices have risen every week since Jan. 22 for a total increase of 93.8 cents, or 43.3%. The Jan. 22 price was the lowest since Dec. 5, 2005.
On an inflation-adjusted monthly basis, the highest price recorded by EIA is $3.223 a gallon in March 1981.
Prices on the West Coast, and in the Midwest and Rocky Mountains regions, were the highest ever, while East Coast and Gulf Coast prices were the most since August 2006, EIA data show.
Prices have been rising amid reduced refinery operations due to seasonal maintenance and operational problems, lower imports and strong demand.
Midwest prices, which jumped 9.8 cents in the week, were at a record high $3.172, EIA data show, up 30.6 cents from a year ago. A major regional refinery, BP's Whiting, Ind., plant, is running at near half of its 410,000 barrel-a-day capacity after suffering a fire and other operational issues.
Prices in the Rocky Mountains region were also at a record high, $3.193 a gallon, up 35.5 cents from a year ago. West Coast prices were $3.378, the most ever, and 12.8 cents above a year ago.
California posted its first drop in price, 1.1 cents to $3.45, since Jan. 29. Since that time, the state's average price has risen 95.9 cents, or 38.5%. The state, which accounts for about 11% of U.S. gasoline demand, has been plagued by refinery outages amid other planned maintenance shutdowns.
EIA's gasoline price survey is collected through a telephone sampling of approximately 900 retail gasoline outlets.
Region Change Vs Price
Week Ago Per Gallon
East Coast +2.3c $2.981
Midwest +9.8c $3.172
Gulf Coast +4.5c $2.915
Rocky Mountains +10.3c $3.193
West Coast +0.5c $3.378
California -1.1c $3.45 |
