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To: pallmer who wrote (4996)	1/21/2003 5:24:04 PM
From: pallmer	Read Replies (1) \| Respond to of 29602

-- U.S. gasoline pump price highest in 16 months -- By Tom Doggett WASHINGTON, Jan 21 (Reuters) - The cost for a gallon of motor fuel in the United States reached its highest level in 16 months, as drivers suffered a sixth week of rising gasoline prices, the Energy Department said on Tuesday. The average price for regular unleaded gasoline jumped half a penny over the last week to $1.459 a gallon -- up 35 cents from a year ago -- based on a survey of more than 800 service stations by the department's Energy Information Administration. That is the highest since late Sept. 2001, when the Sept. 11 terror attacks caused a panic surge in energy prices. The national price for cleaner-burning reformulated gasoline, which is sold at about one-third of the gas stations in more polluted metropolitan areas, increased 1.8 cents in the last week to $1.534 a gallon, EIA said. Gasoline prices are rising in response to traders' fear of a U.S. war with Iraq and the disruption in oil exports from Venezuela -- a major oil producer -- caused by a workers' strike now in its eighth week. The price of crude accounts for about 40 percent of the cost of a gallon of gasoline. In Tuesday trading in New York, oil soared above $35 a barrel, the highest level in 26 months. Venezuela is the fourth-biggest foreign oil supplier to the U.S. market and the lost oil exports have depleted American crude inventories to their lowest level since the mid-1970s. The West Coast had the most expensive regular unleaded gasoline over the last week, with the average weekly price in the region up 3 cents to $1.548 a gallon, EIA said. The Gulf Coast states had the cheapest fuel, as the average price was up 0.8 cents to $1.407 a gallon. Among cities, San Francisco maintained its top spot in fuel costs, with the price up 4.3 cents to $1.762 a gallon. Houston had the best deal at the pump, with the price up a penny to $1.389 a gallon. The report also showed gasoline prices were up 4.4 cents in Los Angeles at $1.577, up half a penny in New York City at $1.554, up 1.7 cents in Chicago at $1.521 and down 0.9 cents in Denver at $1.44. The biggest year-on-year change in city pump prices was in San Francisco, where gasoline costs were up 49 cents a gallon from a year earlier. Separately, the nationwide price for diesel fuel rose 0.2 cents to $1.48 a gallon, up 34 cents from last year. Truckers in New England paid the most for diesel fuel at $1.594 a gallon, up 0.1 cents from the prior week. The Rocky Mountain states had the cheapest diesel at $1.445 a gallon, unchanged from the previous week. ((Reporting by Tom Doggett; Reuters Messaging: tom.doggett.reuters.com@reuters.net; 202-898-8320)) (C) Reuters 2003. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. nN21164590 21-Jan-2003 22:22:57 GMT Source RTRS - Reuters News