Posted on 08/19/2005 7:52:51 AM PDT by minerboy
NEW YORK (CNN/Money) - Gasoline prices climbed above $2.60 Friday to set a seventh straight record, according to travel club AAA's daily fuel gauge report.
The nationwide average price for a gallon of regular unleaded hit $2.601, up almost 2 cents from the previous day, according to AAA, the largest U.S. motorist organization, formerly known as the American Automobile Association.
The price of a gallon of gas has jumped about 19 cents during the past week, nearly the same gain made over the course of the three previous weeks. In the last year, prices have gained about 73 cents, or almost 39 percent.
When inflation is taken into account, today's AAA record-high price is still below the all-time high set during the Iranian revolution in the early 1980s when gas prices were the equivalent of $3 a gallon.
But prices have jumped above $3 a gallon in some cities and towns, even though the national average price for a gallon of gasoline hovers near $2.60.
Residents pay the most in California, where the average price for a gallon of regular unleaded hit $2.792. They pay the least in Utah, where $2.441 is the average price.
Retail diesel, meanwhile, is at $2.638, a gain of about 77 cents from last year's price.
Gasoline prices have tracked steadily higher since early July and have been blamed for higher-than-expected costs in this week's Consumer Price Index and Producer Price Index reports.
The combination of high prices at the pump and a handful of higher-than-expected inflation readings have some economists worried that inflation is back. (Full story.)
And retailers are worried about the effect that high gasoline prices have had on consumers, with back-to-school shopping forecasts dim and poor earnings and sales weighing on stores from Wal-Mart (up $0.13 to $47.24, Research) to Abercrombie
(Excerpt) Read more at money.cnn.com ...
I tought we fought the Iraq war for oil though? Didn't Karl Rove think of this when he planned the war in Texas?
And they'll continue to stay high until after Labor Day weekend...and then "should" start to fall but I'm planning on paying two and a half a gallon for some time(cost of living in CA LOL)
With no new refineries since 1976 and no drilling in ANWR yet, the prospects for cheaper gas any time soon don't look good...
I suspect that's because nobody has updated the prices from Stovepipe Wells or wherever yet.
Just rode my bike 6 miles to work. Sweating as I type.
Notice that Congress is so concerned about the high price of gasoline that they have returned from their vacations 2 weeks early to pass legislation repealing federal excise taxes on fuel. Thanks for looking out for the common man Congress.
It gets 122 - 128 miles per gallon and is a hoot to ride.
The 'air conditioner' only works when it's going 10 mph or faster.
I think the idea would be that Rove and his Texas oil buddies, being SELLERS, benefit from higher oil prices. They wouldn't fight to steal Iraq's oil. That'd just lower the overall price, add competition to the market, and lower their bottom line. But a real good long term dustup in the Middle East could give those with strong positions in oil a pretty good profit. That's how the argument would go, anyway.
Dems blocking the energy companies from getting mtbe protection also took about oil off the market. One company cut production by 60,000 barrels per day.
Throw in Anwr, throw in no drilling off our california, florida, drilling.
Some how the enviornmental dems don't get the blame for the lack of supply.
Wonder why the greeenies don't tout this engine?
Yeah I know diesel costs about a nickel more, but look at the mileage.
Geeze market place effect.
Individuals finding alternate transport solutions.
You sure the State didn't pass a law stating everyone within six miles had to ride a bike?
Europe has been paying hefty gasoline prices for years. I am so glad I live in a city where I don't need to even own a car. I am not speaking with any sympathy for tree hugging environmentalists, but the US does have to look at its gas consumption. You take folks in LA--a city with a lousy public transportation system where folks get in their car to go three blocks. Now that makes me scratch my head.
That's one that doesn't need a < /sarcasm > tag...
Commuting to work on the freeway during the raining season is really something to look forward to!
$3.49 in Long Beach? CA?
I don't think soooooo
It's hit $3.19 in San Francissyco and $3.09 in LA but I haven't seen it as high as $3.49 anywhere in CA...
I thought you'd left something out of that...
$2.69 at discount stations in central contra costa county (San Francisco east bay area).
While the 'Rats roll around in their limos & Hummers and fly in their private jets...
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