Gas Prices Jump To New Record

(AP)  Gasoline prices have surged to a record nationwide average of $3.07 per gallon, nearly 20 cents higher than two weeks earlier, oil industry analyst Trilby Lundberg said Sunday.

The previous record was $3.03 per gallon on Aug. 11, 2006.

Just two weeks ago, the U.S. average for a gallon of gas was $2.87, but the Lundberg Survey of 7,000 stations nationwide on Friday showed an increase of about 19.5 cents to $3.07. That's up 88.4 cents since Jan. 19, Lundberg said.

The nationwide average for mid-grade gasoline was $3.18 and premium was $3.28.

The nation's lowest average pump price was $2.80 per gallon in Charleston, S.C., while the highest was $3.49 in San Francisco.

The recent increases are due mostly to refinery problems, Lundberg said, noting there have been at least a dozen additional partial shutdowns in the U.S. and internationally that cut refining capacity.

The outages have been reflected in weekly government data which has shown gasoline inventories falling during a season when most analysts think they should be rising. Summer driving begins Memorial Day weekend, and analysts worry refineries won't be producing enough gasoline by then to meet demand.

The Oil Price Information Service and AAA reported Friday that the national average price of a gallon of gasoline hit $3.012 that day, up 2.1 cents overnight.

Despite prices at the pump climbing past the $3 mark, oil and gasoline futures fell Friday. Retail prices generally lag the futures markets, so consumers can end up paying more for gas even as futures prices drop.

Gasoline futures for June delivery fell 3.12 cents Friday to settle at $2.2164 a gallon on the New York Mercantile Exchange.

[sclaires]

Well, we hve an oil man in as president for one thing and all he is interested in is getting those royalities to supplement his pay check. And the oil companies are only interested in making as much of a profit as they can off the back of the American people. And, I wonder about all the refinery fires we have heard about lately. Just how did they start and was it on purpose?? They claim that Hurricane Katrina put refineries out of business but they should be back on-line by now. The less refineries the less gas being produced and the higher the profits to the oil companies.

[rushman71]

And OPEC had to downsize it's production early this year to keep the oil at $60 bbl? This monopolistic organization itself needs to downsize themselves. It is totally rediculous to watch our own money trickle out of our pockets while they sit back laughing at us.

[venkata4--2008]

To my remembrance, crude oil prices are at exactly same price like 2,3 months before last year elections but we are paying $1 per gallon more. Energy companies knows what they are doing. Make money when Busch is shining. Come next elections who knows.

[cbse3]

AMAZING,THE LACK OF INTREST AND RESPONSE TO THIS TOPIC. EVEN THIS MORNING AS THIS STORY WAS THE TOP STORY IN THIS CATAGORY, IT'S NOW THE 5TH AND DROPPING. IF CBS WAS REALLY SERIOUS, THIS WOULD BE ONE OF THEIR TOP 10 STORIES IN PROGRESS, TO GET CONTINUED UPDATES UNTIL SIGNIFICANT PROGRESS / RESULTS ARE MADE. FOR AN ISSUE THAT AFFECTS SO MANY AND IS THE LIFE BLOOD OF THIS COUNTRY AND WHO KNOWS WHAT THE FUTURE HOLDS WITHOUT IT...WHERE IS EDWARD R MURROW WHEN YOU NEED HIM

[cbse3]

I don't understand. If most of the media is left coast leaning Democrats, then why havn't they done an in depth, pit bulldog investagative hold nothing back report on this energy debacle. But I'm willing to say,even if or when the Dems get in....there will not be any refineries built within the next 5 years, no nuke plants built within the next 5 to 6 years and reg unl gas will never get below $ $2.85 per gal WHY??? Cuz we can organize and unite like our fore fathers. No Balls
everyone is too busy looking out for themselves.

[cbse3]

AND OF COURSE, WE DON'T HAVE THE TECHNOLOGY, THE TIME OR THE WILLINGNESS TO CUT THRU THE LEGAL, BUREAUCRATIC RED TAPE AND FAST TRACK THE BUILDING OF A COUPLE OF STATE OF THE ART REFINERIES. YET OUR GOV CAN CONTINUE TO LOOK FORWARD AND STOCKPILE STRATGIC OIL RESERVES IN THE SALT DOMES AND WHERE EVER ELSE THEY KEEP IT BUT FALL SHORT SIGHTED ON BUILDING REFINERY CAPACITY. I GUESS DATS STORED AWAY FOR MORE UNWANTED REAR ENTERY PENATRATION OF US CITIZENS. AFTER ALL, THE HIGHER THE COST, THE MORE TAXES COLLECTED

[jjreding-2009]

Gas prices here in Cleveland are mostly $3.19 a gallon, well above the national average. So, right after declaring tens of billions of dollars in revenue for yet ANOTHER quarter, the major oil companies are STILL arguing refinery issues. I still say they should suck up some of those billions and CUT OUR COSTS. 'Summer driving season' hasn't even arrived yet and we're already paying more than we paid after Hurricane Katrina. There is no excuse for this continued rape of our wallets just to get from one place to another.

[mitch0927]

jn122736,

Hey sport, where I am today, I worked hard. Paid for my own college, everything I have I earned. As for being the "upper class%u201D I think not. What I say stands true, and you just proved it. You took it personally probably because you get paid way too much for what you do. Someone is in a position that requires "mere" training, then why should they be getting paid way more than what their job reflects? So, you are willing to pay 15 bucks for a burger because the person serving it or making it "deserves" twenty bucks an hour? I think not. Someone on an assembly line that refuses to work under "lean" management deserves to get paid more than that because they have tenure? That is what is wrong with this country, people bawling about not getting a pay raise every 90 days.

[jairod]

The oil companies pay analysts big bucks to see into the future. What they pridicted was a huge demand. The Oil companies gered up for this increase in demand by doing...nothing. It's been comming a long time, and now the Oil companies can sit back and rake in the enormous profits they had been hoping for. What our preseident needs to do is ask these oil giants why they are not increasing output. The oil giants need to be taken to task by the government (a government comprised by people we elected to see to our interests, by the way - and who are doing a pretty poor job of it, in this case) and like any criminal stealing, the oil giants must be held accountable. When there is no oil shortage, as admitted to by the oil giants, then why no gas? Because, as they say, there are insufficient production facilities. Why? What did they do with last year's wind fall profits? And, those of the year before that, and so on?

[jn122736]

%u201CI can't understand why someone thinks they need 20 bucks an hour to turn a couple of taps. I know that is probably hitting you personally, for that I apologize.%u201D
Posted by mitch0927 at 10:47 AM : May 07, 2007
----------------------

That statement reflects the mentality/attitude of the so-called upper class.
Placing yourself on a high pedestal and look down on everyone else as inferior and unworthy is an insult to the very people who make it possible for you to even exist.

Being a CEO of a corporation doesn%u2019t require any more innate intelligence than it does to be a doctor, plumber, mechanic, farmer or even floor cleaner. These positions/jobs all require mere training and/or experience. Yet you insinuate that it is understandable for a corporate exec to be paid thousands of dollars per hour but no one else should expect even 10 dollars and hour. That is exactly the attitude that is causing the ever-increasing gap between the top 5% and the rest of America.

Actually, this is the history of mankind. In the end the Rich/royalty always inherit the %u201Cwhirlwind%u201D (read Guillotine).