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Gas, diesel prices soar to record high
Topic Started: May 19 2008, 05:13 AM (168 Views)
Mystical
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Gas, diesel prices soar to record high
A gallon of regular unleaded hits $3.79; diesel now $4.52
Video



updated 17 minutes ago
NEW YORK - Retail gas and diesel prices reached new records Monday, adding to the pressure on drivers planning road trips for the coming holiday weekend, while oil prices stalled following last week’s record highs.

Americans are now paying an average of $3.79 for a gallon of regular gas, according to a survey by AAA and the Oil Price Information Service. Diesel, used to transport a wide range of goods, now costs $4.52 a gallon.

Drivers in some parts of the country are paying considerably more, however. Gas pump prices in parts of California, where the average is down to $3.96, have been stuck above $4 a gallon for weeks now. Prices in Alaska and Connecticut are averaging just above $4 a gallon statewide.



A report released Sunday showed retail prices topped an average $4 a gallon for the first time in two metropolitan areas: Chicago and New York’s Long Island. The Lundberg Survey of 7,000 stations nationwide found the cheapest city to be Tucson, Ariz., where a gallon of regular sold for $3.48 on average.

Pump prices may have further to go still, pressured by rising oil costs and soaring global demand.

“We’re looking at $4 a gallon once we get past Memorial Day and into June, given the oil prices we’re seeing today,” said Geoff Sundstrom, fuel price analyst at AAA.

Light, sweet crude for June delivery slipped 9 cents to $126.20 a barrel on the New York Mercantile Exchange after trading higher for much of the morning. Futures surged to a trading record near $128 a barrel Friday.

Traders were little moved by a report Monday that the Organization of Petroleum Exporting Countries would not increase production before its next meeting Sept. 9.

“Current prices aren’t linked to the law of supply and demand,” said Algerian Energy Minister Chakib Khelil, the current OPEC president, according to a report in government newspaper El Moudjahid.

The announcement came days after Saudi Arabia’s oil minister said the kingdom, the world’s largest oil producer, had increased production by 300,000 barrels a day earlier this month.

Although the response in the trading pits to that move was tepid, the modest increase should nonetheless help grease a tight global market, said John Felmy, chief economist for the American Petroleum Institute, the industry’s leading U.S. trade group.

“Certainly seeing increased production is helpful in terms of increased supplies,” Felmy said.

Meanwhile, Holly Corp. said a key unit at its New Mexico refinery is down for repairs, cutting estimated gasoline production in May by as much as 756,000 gallons. The shutdown of the fluid catalytic cracking unit occurred while the piece of equipment was being brought back online from a previous shutdown May 7.

Holly’s Navajo Refinery in Artesia, N.M. is the refiner’s largest facility. Even so, the outage is unlikely to significantly affect fuel prices, said Jim Ritterbusch, president of oil trading advisory firm Ritterbusch & Associates.

In other Nymex trading, heating oil futures fell 2.59 cents to $3.6769 a gallon. Gasoline futures were nearly flat at $3.2242 a gallon. Natural gas futures rose 6 cents to $11.154 per 1,000 cubic feet.

July Brent crude fell 57 cents to $124.42 a barrel on the ICE Futures exchange in London.

*This is just getting totally ridiculous :bat: *

http://www.msnbc.com/id/12400801
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Darknight
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It wont be long now before cdl class drivers revolt.

I really feel sorry for the freight trucks that have to deliver our goods.
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Mystical
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They already retaliated DK. They did a march on Washington not too long ago. And remember that if the deisel goes up most of our food, clothing etc, will go up to cuz of the price of transporting. Enough is enough of this S@#%#$t
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Darknight
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Not sure if the oil compaines know this, but where else would we get our food clothing and supply if freight truck drivers refuse to drive?
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LarryOldtimer
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Everything is transported by truck. Higher fuel prices automatically mean higher prices of everything.
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Mystical
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Exactly Larry. Ever since the gas prices started to fluctuate in 2005 or approximately that year, are goods and supplies have been on the rapid rise in cost. They will continue to do so. Even if the gas/deisel or oil reach a plateau they aren't going to ever be the way they were prior to 2001.

The truck companies are struggling to deliver the goods. On the other hand the gas companies trucks aren't. I think something needs to give soon. People are starting to react in the negative. Staying home more because they can't afford to go out to eat or go shopping cuz they need the money to put into gasoline to get back and forth to work.
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Isis
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Its going to be alot worse before we feel any relief, Whats reallu sad is it's going to make people pick between food and med's or gas.... :wall:
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Isis, The Goddess of Desire & Darkness. In The Darkness, We Find The Light.

This is a Drama Free Zone..!
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Mystical
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I saw a snippet on the news the other day where a woman had to stop getting her needed medication because she had to put the money she used for that medication into her gas tank to get back and forth to work. Also people are not buying the food that they want, they are buying the food that is needed to survive. Plus they are now putting a ration on certain supplies "Such as rice" the public is only aloud to buy a certain amount at one time.

Isis you are so right when you say that it's going to get a lot worse before it gets better and even then it will be a "Different better" because we will have adapted the the new way we live.
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Darknight
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Isis
May 22 2008, 02:24 AM
Its going to be alot worse before we feel any relief, Whats reallu sad is it's going to make people pick between food and med's or gas.... :wall:

How much worse can it get? :unsure:
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