NEWS: ARIZONA GAS PRICES AT $4/GALLON! Gas prices SKYROCKET across U.S.!!!
[ed: Everyone thank that lying POS big oil criminal Bush. Other than big oil interests, all working Americans would have to be completely NUTS to vote for that fascist racist big oil for the rich POS neoNAZI.]
suntimes.com
Gas prices skyrocket, more increases expected
August 24, 2003
BY MATT APUZZO ASSOCIATED PRESS
HARTFORD, Conn.-- Gas prices skyrocketed across the country Friday, rising an average of 10 cents a gallon in most states, the day after a major surge on the New York futures market.
Gasoline futures rose 9.5 percent Thursday. It was the largest single-day increase not related to an expiring contract since 1984, according to Dow Jones Newswires.
John Felmy, chief economist at the American Petroleum Institute, said the increase reflects investors' worries about unrest in Nigeria, political instability in Venezuela and continuing problems in Iraq. All are major oil providers to the U.S.
In Arizona, gas shortages led to long lines at the pump and prices at some stations of almost $4 a gallon.
Arizona's situation has been compounded by a pipeline rupture that has slowed the delivery of gasoline to the state, but it was not the only state with problems.
In Connecticut, pump prices surged by as much as 21 cents a gallon in a matter of hours. A state industry group predicted prices will continue to rise this weekend.
"I literally came to work and gas across the street was $1.83," said Michael Fox, executive director of the Connecticut chapter of the Gasoline and Automotive Service Dealers of America. "I went to the bank, it was $1.90. I went to lunch it was $1.99."
Fox said he suspects oil companies may be keeping supplies low to capitalize on the upcoming Labor Day travel market-- something state Attorney General Richard Blumenthal is on the lookout for.
"We're mindful and watchful of possible illegal practices such as collusion or price fixing," he said.
In Mississippi, the average price at the pump Friday was $1.55, almost 23 cents higher than a year ago, and up 8 cents from last week.
The high prices are bad news for the millions of U.S. motorists planning driving trips over the upcoming Labor Day weekend that begins Aug. 30.
The auto club AAA is predicting that the early arrival of Labor Day this year could push holiday travel to its highest level in nine years: 33.4 million Americans are expected to travel 50 miles or more from home this holiday, 84 percent of them by automobile.
AAA officials don't expect the recent spike in gas prices to deter many holiday travelers.
"Motorists have been paying higher prices throughout the spring and into the summer," AAA spokesman Jerry Cheske said. "Some people may grumble at the prices, but I don't think it will deter them from traveling."
At Cousins Texaco in Holly Springs, Miss., the price of gas jumped 4 cents in four days to $1.59 a gallon Friday morning. Station manager Donald Luttrell said he will probably have to raise prices another 10 cents next week to reflect a corresponding jump in wholesale prices Friday.
Luttrell said the price increases haven't dampened demand-- yet.
"If you glance outside, our gas pumps are pretty much staying full," Luttrell said. "After we have to take this gas price increase, I don't know how it will affect us." |
