LAT/AP: Nationwide Gas Prices Set Another Record

[DeepModem Mom]

Nationwide Gas Prices Set Another Record
By GARY GENTILE, AP Business Writer


LOS ANGELES -- Retail gas prices hit another record high over the past three weeks, mirroring a rapid increase in the cost of crude oil, according to a nationwide survey released Sunday.

The average price for all three grades rose nearly 20 cents to $2.53 in the three weeks ending Aug. 12, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations around the country. The figures were not adjusted for inflation.

In the same three-week period, crude oil price futures rose about $8.21. A barrel of oil produces about 42 gallons of gasoline, resulting in a price increase of 19.6 cents per gallon -- nearly identical to the 19.8 cent rise in the price of gas at the pumps, Lundberg said....

***

Retail prices have risen an average of 70 cents since the beginning of the year and are up 62.7 cents from last August, Lundberg said.

Still, adjusted for inflation, prices have yet to climb to the record levels reached in the 1980s....


http://www.latimes.com/news/nationworld/wire/ats-ap_top14aug14,0,5626075.story

[FloridaPat]

1. Way to go Bush!

[HockeyMom]

2. Twenty cents in 3 weeks?

How about ten cents in ONE DAY?

[Algorem]

3. U.S. gas prices again set record high

http://news.cincypost.com/apps/pbcs.dll/article?AID=/20050815/BIZ/508150335/1001

LOS ANGELES - Retail gas prices hit another record high over the past three weeks, mirroring a rapid increase in the cost of crude oil, according to a nationwide survey released Sunday.

The average price for all three grades rose nearly 20 cents to $2.53 in the three weeks ending Aug. 12, said Trilby Lund- berg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations around the country. The figures were not adjusted for inflation.

In the same three-week period, crude oil price futures rose about $8.21. A barrel of oil produces about 42 gallons of gasoline, resulting in a price increase of 19.6 cents per gallon - nearly identical to the 19.8 cent rise in the price of gas at the pumps, Lundberg said.

Demand for gas will remain high through August, but should drop after Labor Day. Lundberg said prices should soften after that assuming underlying crude oil prices hold stable and refinery activity and shipments aren't interrupted by natural disasters, such as major hurricanes...

[dubyaD40web]

4. Must be nice to be in the oil biz.

I'm sure * will be heavily rewarded once he's out of office.

[Algorem]

5. Kucinich's Gas Price Spike Act Will Lower Gas Prices ?

http://www.commondreams.org/news2005/0811-12.htm

Gas Price Spike Act Will Lower Gas Prices

WASHINGTON - August 11 - With gas prices skyrocketing out of control in Northeast Ohio and nationwide, Congressman Dennis J. Kucinich (D-OH), today, renewed his fight to pass HR 2070, The Gas Price Spike Act of 2005. The legislation, introduced by Kucinich in May, currently is co-sponsored by 37 Members of Congress.

The bill will address the spike in the price of gasoline by placing a windfall profits tax on oil companies; giving tax credits for the purchase of ultra efficient vehicles; and provide federal grants to reduced mass transit fares.

“Consumers in Northeast Ohio, and nationwide, are being gouged at the pump,” stated Kucinich. “The only thing rising faster than the price of gasoline right now is the skyrocketing profits of the oil companies.”

“Congress can no longer sit on the sidelines and watch as skyrocketing prices continue to take a heavy economic toll on consumers and risks further harming our economy,” continued Kucinich. “Congress must act immediately upon returning in September, and I am renewing my efforts to pass HR 2070, and bring immediate relief to consumers.” ...

[FlashHarry]

6. I saw $2.83/gal for premium...

...in Omaha yesterday, of all places. Today, I'm in Los Angeles. I haven't seen a gas station yet, but I'm guessing we'll be getting close to the $3 mark.

Still, having lived in France for a while and paid upwards of $4/gal to fill my Peugeot, it ain't all that bad.

[Barkley]

8. The Oil of L.A.

FlashHarry:

Here's where to find cheap gas in L.A.
http://gasbuddy.com/
http://www.losangelesgasprices.com/index.aspx?&area=TORRANCE&area=Los+Angeles

[hadrons]

9. I saw $3.00 for premium for the first time in NYC yestersday ....

$3.05 near Chambers St. (one station in the Bronx is flating at $2.99) ... we're at $2.65 for just regular (TG for mass-transit in the city)

[E-Z-B]

7. Some Dubya's World pics:

[pimpbot]

10. How come gas at the station rises by the same $ as a barrel of oil?

I'm no expert, but wouldn't the gas in the storage vessel at the station have been refined awhile ago? Thus, we should pay a fair price for that gas, not future gas. A barrel of oil being "traded" on the market should affect pump prices weeks after it changes, right?

[BiggJawn]

11. It's leveled out in Northern Indiana...For NOW, anyway....

Stayed at $2.59 all weekend....

[Roland99]

12. Louisville hit $2.50 for the FIRST TIME this weekend...now high is $2.69!!

[FreeStateDemocrat]

13. It's a hustle all around, gas station raises prices on existing inventory.

Screw the consumer at the pump with both market speculation and price manipulation. I saw a station in my neighborhood that was closed on Sunday as soon as they opened on Monday they raised the price 19 cents w/o a delivery tanker in sight, resulting in the loss of me as a customer forever. The price is fixed in our town as every station charges the same amount (the national average by apparent agreement) or as much as they can bleed out the sucker behind the wheel. If we had a representative democracy our government would be reviewing the industries price rigging with record profits since it appears to be what amounts to a monopoly driven by the black heart of capitalism, GREED. Big Oil owns the WH and the repukes and far too many of our democrats. I am irritated at being played for a patsy in order to make the privileged few fabulously wealthy.