Gas Prices Up Sharply Because Of Increases In Crude Oil, Wholesale Prices

[Purveyor]

Source: AccessNorthGa

TAMPA, Fla. – Following a six-week period when crude oil traded in a narrow range ($50 to $52 per barrel), in just one week’s time, crude oil prices climbed $5.43 per barrel, closing Friday on the New York Mercantile Exchange (NYMEX) at $58.63 per barrel, the highest price yet in 2009.

Wholesale prices nationwide have hit their highest levels of the year too, according to Retail Fuel Watch, an oil industry weekly published by the Oil Price Information Service.

Consequently, the rising prices are being passed along to consumers. Nationwide, the average price of unleaded regular gasoline increased by 14 cents during the past week to $2.21 per gallon. In Florida, the average price increased 14 cents to $2.23 per gallon; in Georgia the price increased 20 cents to $2.10; and Tennessee’s average price increased 17 cents to $2.09 per gallon.

---CLIP---
"Notwithstanding a recent run-up in wholesale prices, retail price increases defy the fundamentals that tell us we still have weak demand, a surplus of oil, and healthy output from refineries; but some analysts believe that news last week from the U.S. Dept. of Labor reporting a decline in unemployment benefit claims points to emerging recovery and growing demand for fuel in the near term," said Gregg Laskoski, managing director of public relations, AAA Auto Club South.

Read more: http://www.accessnorthga.com/detail.php?n=220276&c=8

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Our local mid-michigan price just jump this morning to $2.39g unl/reg...

[nc4bo]

1. Drats! Just when the Hummers started to reemerge from under dust covers and out of garages

"From California, to the New York Island
From the redwood forest, to the gulf stream waters"

:rofl:

Hold on to yer wallets fellow countrymen and women.

[xchrom]

2. recommend

[DJ13]

3. Prices up sharply as crude inventories swell to near 20 yr highs

Im sure glad the Obama administration isnt letting the commodity traders run wild like Bush did........

[librechik]

4. Just in time for summer!

as usual

do they think we are brain dead and don't notice?

Some day they will get what they fear we are about to give them for effing around with us.

Probably not this summer, though.

[susu369]

5. Bullseye

"just in time for summer."

[CRK7376]

6. Last Monday

I filled up at Sam's Club for $1.90 Regular. Today, same location the price was $2.09 and 100+ miles south of home at Ft. Bragg the cost of gas was $2.23. Low prices were nice...now that the driving season is back in full swing, prices will skyrocket making Exxon very happy again....