Posted on 04/13/2010 4:53:55 PM PDT by smokingfrog
Supplies of gasoline are near a 17-year high, so filling up should be cheaper soon, an analyst says.
Retail gasoline prices rose nationally in the last week, the Energy Department said Monday, but analysts said there was strong reason to believe that pump prices should be falling soon.
The average price of a gallon of regular gasoline rose nationally by 3.2 cents to $2.858, according to the Energy Department's weekly telephone survey of service stations.
California's average was nearly unchanged for the fourth straight week, climbing just 0.8 of a cent to $3.096 a gallon.
Gasoline supplies are near a 17-year high and well above the five-year average, said Phil Flynn, an analyst for PFGBest Research in Chicago.
That means prices should be dropping in the coming weeks, he said.
Oil investors reined in their enthusiasm over last week's economic news, and crude futures for May delivery fell to $84.34 a barrel, down 58 cents, on the New York Mercantile Exchange.
Oil's decline came even though the euro gained value against the dollar after news that a $41-billion bailout had been crafted to rescue Greece from economic disaster.
Oil prices usually rise when the dollar weakens compared with the world's other major currencies, as investors seek out commodities as better investments. But not Monday.
(Excerpt) Read more at latimes.com ...
It’s called switching over to the summer blend. Brought to you by your friends in the federal government. They make everything cost more, even when they don’t have to.
Wait until Obama implements cap and trade by executive order and/or EPA regulation. $3 gasoline will seem cheap and rationing will be the order of the day.
Why do I feel like the fix is in?
I’m looking sooooo forward to that $8/gallon price for fuel!/s
You watch, When we hit $4.50 a gallon this summer, there will be obamabots saying that paying more is a good thing.
not to mention blaming Bush’s “oil buddies...
With a headline like that, I won’t bother reading the article.
Does this “journalist” not understand the difference between current market prices and the futures market?
Good for the Exxon stock in my index fund.
$4 maybe.
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