By Charles Langley, UCAN Gas Project, As of this writing the average price of gasoline is about $2.92 a gallon in San Diego. And prior to this morning, we had predicted some steep declines in the price of fuel over the weekend of six to twelve cents a gallon on average.
Then it happened: Chevron had its annual refinery fire.
Did we say annual refinery fire?
Yes, as a matter of fact we did.
GAS REACHES RECORD HIGH AT $3.05 A GALLON
Have prices peaked, or are we witnessing the tip of a rapidly rising iceberg?
Oil closed at $70 a barrel today. There is no good market reason for the run-up. In fact, the Department of Energy reports that demand for oil is down and that oil inventories are at a record-breaking 19-year high. The financial media (largely CNBC) has been gleefully abuzz of late about rising commodity prices - especially oil - as somehow signaling a rebound in the economy. They have suggested that high commodity prices are somehow a "green shoot" or "mustard seed" that shows the market still has potential. It's too bad they are absolutely wrong.
Friday June 5, 6PM - For the last 60 days gas prices have risen in San Diego by an average of nearly a penny every 12 hours. If this trend continues (and it probably will) local gas prices should top $3.00 a gallon on average by Thursday afternoon - a 58% increase since the beginning of the year.
Since January 1, gas prices have increased by almost 70 cents a gallon. Meanwhile, the per gallon price of oil has increased only 30 cents a gallon. Get the full story at fueltracker's parent Web site, the Utility Consumers' Action Network.
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