U.S. gasoline prices surge to $2.91/gallon (average)

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-23T223832Z_01_N23133019_RTRIDST_0_ENERGY-GASOLINE-RETAIL.XML

NEW YORK, April 23 (Reuters) - The average U.S. retail price of gasoline surged about 9 percent over the past two weeks, pumped up by higher crude oil costs as well as regulatory ethanol-blending requirements, an industry analyst said.

The national average for self-serve regular unleaded gas was $2.91 a gallon on April 21, up nearly 25 cents in the past two weeks, according to the nationwide Lundberg survey of about 7,000 gas stations.

Nearly all of that increase came as benchmark U.S. crude futures surged $8 a barrel over the two-week period, Lundberg said, reaching $75.17 on Friday amid strong demand and fears of supply disruptions in exporting countries like Nigeria.

Yet prices at the pump also reflect the higher cost of delivering and blending ethanol into gasoline, as mandated by federal and state laws designed to combat air pollution.

<snip>

Lundberg also noted several U.S. East Coast and Texas cities reported "spotty outages," where gasoline sales were halted as service stations waited for deliveries of ethanol-blended product.

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[bluem]

1. I believe it

Today when I was out I saw regular gas as high as $3.15!

[WhiteTara]

2. cheapest gas in town today is $3.11

the name brands are at $3.25 This is horrible

[CatholicEdHead]

3. It was $2.81 here today

I do not expect it to last. It is already 2 cents higher than the Katrina record fillup last fall.

[NYC]

4. You do not expect it to last.

Do you expect the prices to go down again? If so, why?

[CatholicEdHead]

5. I expect a sharp rise over the next couple of months

it may have a short term drop as we get towards November but May, June and July at least will be pretty bad. $3.00 or $3.50 is not out of the question around here.

[NYC]

6. I agree with that.

I thought for some reason you were expecting it to drop. I wondered why. Yes, it will likely drop around election time. Other than that, I expect a myriad of excuses to accompany the increases.

[dapper]

7. E85 Fuel all the way...

I found a station that sold E85 (85% Ethenol/ 15% petroleum), it cost me $2.75! Too bad you get hosed where ever you go but I figured this money is more apt to stay in the USA!

Dap

[corporate_mike]

8. E85 is the solution

[Warner2008]

9. Good!

Earth Day Founder's Daughter Says Gas Prices Not Too High

MADSION, Wis. -- The daughter of the founder of Earth Day says she doesn't think gasoline prices are too high.

Tia Nelson, the daughter of former U.S. Sen. Gaylord Nelson of Wisconsin, said "we pay less for a gallon of gas than anywhere else in the world. And if we paid what the Europeans paid we'd wouldn't be driving vehicles that got 12 miles a gallon."

She said that if there's a silver lining in the higher gas prices, it's that people are driving less and companies are being forced to think about being more efficient.

Saturday is the 37th annual observance of Earth Day -- the first without Gaylord Nelson, who died last July.

Tia Nelson said it's a bittersweet day for her family but added that they are grateful his legacy lives on.

[LostinVA]

10. I bought diesel yesterday -- it was 12 cents cheaper than gas

It should be WAY cheaper, although it never is. But, my point is, this shows how fast gas is going up.

I am really surprised riots haven't broken out about this. It's not even May yet -- gas is going to be $4 by vacation time. We've put off our vacation until the Fall, hoping gas goes back down -- we can't afford to travel.