xcel
02-11-2007, 07:54 PM
First increase in several weeks; could rise further as higher crude prices make their way to the pump. (http://money.cnn.com/2007/02/11/news/economy/lundberg.reut/index.htm?postversion=2007021118)
http://www.cleanmpg.com/photos/data/501/Gas_Prices.jpgReuters - Feb. 11, 2007
NEW YORK -- The average price of a gallon of gasoline rose slightly over the past three weeks and could push higher because the rise in the price of crude oil has not yet been passed on to consumers, an industry analyst said on Sunday.
The national average price for self-serve, regular unleaded gasoline was $2.2209 per gallon on Feb. 9, up 3.63 cents from Jan. 19, according to the nationwide Lundberg survey of about 9,000 gas stations.
"This is the first price rise in several weeks," Trilby Lundberg, editor of the survey, said. "But it certainly was not a spike."
Prices at the pump are about 8 cents below the nationwide average of $2.3028 registered on Feb. 10, 2006, she said.
Lundberg said the recent rise in retail gasoline prices was only a "pale reflection" of crude oil markets, where the New York contract for West Texas Intermediate closed on Feb. 9 at $59.89 a barrel, up from $51.99 on Jan. 19.
The $7.90 rise in the price for a barrel of crude is equivalent to 19 cents per gallon, Lundberg said. Seasonal demand for gasoline is low, making it difficult to pass on higher prices to retail consumers, she said.
"Clearly gasoline prices moved at snail's pace at the pump compared to what happened on the street," she said. Vendors "have suffered from a time lag and big margin losses at the retail level," she added.
The highest average price in the nation for gasoline was $2.76 in Honolulu, and the lowest price was $2.01 in Billings, Montana, Lundberg said.
http://www.cleanmpg.com/photos/data/501/Gas_Prices.jpgReuters - Feb. 11, 2007
NEW YORK -- The average price of a gallon of gasoline rose slightly over the past three weeks and could push higher because the rise in the price of crude oil has not yet been passed on to consumers, an industry analyst said on Sunday.
The national average price for self-serve, regular unleaded gasoline was $2.2209 per gallon on Feb. 9, up 3.63 cents from Jan. 19, according to the nationwide Lundberg survey of about 9,000 gas stations.
"This is the first price rise in several weeks," Trilby Lundberg, editor of the survey, said. "But it certainly was not a spike."
Prices at the pump are about 8 cents below the nationwide average of $2.3028 registered on Feb. 10, 2006, she said.
Lundberg said the recent rise in retail gasoline prices was only a "pale reflection" of crude oil markets, where the New York contract for West Texas Intermediate closed on Feb. 9 at $59.89 a barrel, up from $51.99 on Jan. 19.
The $7.90 rise in the price for a barrel of crude is equivalent to 19 cents per gallon, Lundberg said. Seasonal demand for gasoline is low, making it difficult to pass on higher prices to retail consumers, she said.
"Clearly gasoline prices moved at snail's pace at the pump compared to what happened on the street," she said. Vendors "have suffered from a time lag and big margin losses at the retail level," she added.
The highest average price in the nation for gasoline was $2.76 in Honolulu, and the lowest price was $2.01 in Billings, Montana, Lundberg said.