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Politics : Rat's Nest - Chronicles of Collapse
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To: Wharf Rat who wrote (5865)5/4/2007 4:38:35 AM
From: Wharf Rat  Read Replies (1) of 24232
 
Gas Prices Continue To Rise with Word of Possible Summer Fuel Shortage By Andres Araiza
The US Energy Department says national gasoline inventories have fallen for eleven straight weeks and US refinery use is at less than 88% of capacity.

Continuing refinery problems have some analysts wondering if there will be enough gasoline this summer, to meet the increased demand.
Those shortages may soon impact Valley businesses, even as consumers are reported to have more money in their wallets.

Business is good for travel agent Linda Jason. She notices travelers have less to spend on the summer vacations but, "people are still going on vacation, and they're still visiting friends and relatives...they'll request that I look for the lowest fare, and they'll expect for me to shop for them and find the lowest fare."

A government report indicates personal earnings are up. Over the past 5 months, consumers have 2.6% more disposable income. But Fresno City Economist Henry Nishimoto says the good news is overshadowed by gas prices. "...and gas prices have risen by 20% in some cases, you're going to have to rob Peter to pay Paul in terms of your over all budget, " says Nishimoto.

Nishimoto says people may not be decreasing their spending right now and eventually be forced to cut back or go further into debt. However, local boat dealer Donnie Lacefield says he's heard those warnings before.

Lacefield says, "We've been in business for 68 years. We started the business in 1938, and we certianly saw this transpire this before. In the past, we thought it would affect us and hasn't in the past either."

AAA reports on average you're paying about $3.39 for a gallon of regular unleaded gasoline. Exactly one year ago, that price was $3.24. Experts predict by summer everyone in California will be paying more than $3.50 for a gallon of gas.
abclocal.go.com
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