Newsback
REGISTER NOW and be a part of the Community!
news   forums   blogs   reviews   marketplace   marketplace
news  
news section  
Sports
CBS Sports has agreed with the Ultimate Blackjack...
National
Feb. 9 (Bloomberg) -- President George W. Bush...
Technology
With the colossal resources at Microsoft’s...
National
By DAVID E. SANGER WASHINGTON, Dec. 17 -...
World News
Clutching a Quran and refusing a hood, Saddam...

newsletter
Subscribe to the Newsback Newsletter and get site news as well as exclusive and special features!
Enter your Email:






Gas prices picking up again
by Moonstruck (Posted 05-16-2006 12:17 AM) [View Discussion | Join Discussion | Rate Thread ]

The much-awaited drop in U.S. retail gasoline prices lasted all of seven days, as the national pump price jumped 3.8 cents over the last week to $2.95 a gallon, the government said Monday.

Motor fuel is up 78 cents from a year ago and now is the third-highest price ever, based on the federal Energy Information Administration's weekly survey of service stations.

U.S. motorists had finally got a break at the pump during the previous week when the average gasoline price fell for the first time in six weeks, even though it was by only a penny.

The EIA said at the time that gasoline prices were peaking as the vast majority of the recent jump in wholesale fuel costs had been passed on to consumers at the pump.

The new rise at the pump mirrors an increase last week in crude oil prices, which account for about half the cost of making gasoline.

Gasoline prices also normally increase heading toward the Memorial Day holiday weekend at the end of May, the traditional start of the U.S. summer vacation season.

The EIA last week revised up its forecast for this summer's average retail gasoline price to $2.71 a gallon, 7 cents higher than its earlier estimate and 34 cents more than last summer, suggesting fuel costs will soon start falling again to reach the lower average pump price.

The savings at the pump could quickly return. The price of U.S. crude for delivery in June settled down $2.63 to $69.41 a barrel Monday at the New York Mercantile Exchange, as traders feared high energy prices could slow economic growth and thus cut into petroleum demand.

In the EIA's latest weekly survey, the West Coast had the most expensive regional gasoline, with the price up a penny to $3.25 a gallon. Los Angeles topped the survey of cities, with gasoline down 2.4 cents at $3.40 a gallon.

The Gulf Coast states had the cheapest gasoline at $2.83 a gallon, up 1.8 cents. Among major cities, Denver had the best pump prices at $2.81, down 0.1 cent.

Separately, the average diesel fuel price paid by truckers increased 2.3 cents over the last week to $2.92 a gallon, the fifth-highest price ever and up 73 cents from a year earlier, the EIA said.


Show Printable Version Email this Page

Reply
 
Thread Tools Search this Thread Display Modes
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Telecommuting A Substitute For High Gas Prices TechDirt All News 0 04-27-2006 04:28 PM
Gas Prices Have Politicians Talking in Washington NPR All News 0 04-25-2006 01:05 PM
Gas Prices Climb as Summer Driving Season Nears NPR All News 0 04-12-2006 12:57 AM
Gas Prices Jump Nearly 15 Cents Per Gallon AP All News 0 03-27-2006 12:54 AM
Russia Cuts Flow of Natural Gas to Ukraine RussWilcox World News 0 01-01-2006 10:48 PM


Powered by: vBulletin Version 3.0.9
Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
Copyright © 2005 - 2007 Newsback.com

Mortgage | Debt Management | Advertising | Bad Credit Mortgages | Loans| Internet Marketing