Gas Spy eye
FuelTracker.com Home Divider1 Gas Spy Login Divider2 Become a Gas Spy Divider3 Crude Reality

Gas prices expected to reverse course starting now.

Oil prices have jumped by $14 a barrel in the last 30 days while gas prices have declined by a dime.

Today, UCAN's Gas Project at www.fueltracker.com reported a slight rise in the price of gasoline this morning of one-tenth of a penny to an average of $2.168 a penny.

"It isn't much," says Charles Langley, Manager of UCAN's Gas Project, "but it is statistically significant and represents the reversal of a steady price decline that started on February 19, 2009." At that time, says Langley, gasoline in San Diego averaged $2.285 a gallon.

On Thursday of last week, Arco/British Petroleum reported a problem with its Carson refinery.

A combination of fear and a bullish oil market, which sent oil to almost $54 a barrel this morning helped the Los Angeles spot market for surplus gasoline surge by 23¢ since in the last four days.

Meanwhile, the cost of oil has climbed from less than $40 a barrel on the 19th of February, to a closeing price of $53.80 a a barrel today.

Put another way, at $53.80 on a cost per gallon basis, oil has increased from 95¢ a gallon to $1.28 a gallon - a jump of 33¢ cents a gallon, while at the same time, gasoline prices decreased by 11¢

For more information of background, reporters can call UCAN at (619) 696-6966