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Gas Prices May Reach Record Highs
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| Increase in February may set the stage for higher prices this summer |
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| Updated |
Jun 10, 2004 22:41:26 |
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0 | | Author | Brian Chee |
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Description:
All of a sudden, it seems that summer is starting early - at least when it comes to gasoline prices. For the seventh straight week, fuel prices have increased nationwide, and motorists are faced with the likelihood of more price hikes as refineries switch over to a summer mix of fuel.
According to AAA, during a one-week span in February the average national price of gasoline jumped nine-tenths of a cent. AAA reports that the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.930. This is 19 cents higher than last month and 7 cents higher than last year. In San Diego, the price is $1.958, which is 22 cents above last month and 6 cents higher than last year.
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Motorists in the central coast pay an average price of $2.016, which is 17 cents above last month and 14 cents higher than last year. "Pump prices were already feeling upward pressure from unusually strong demand for this time of year. Investors, unsure about refiners' ability to meet that demand, bid up the price of gasoline on the wholesale market this week," said Carol Thorp, Auto Club spokesperson.
February's increase was the result of low oil inventories and delivery problems caused by an accident on the Mississippi river. Prices are stabilizing in many regions of the country as refiners are forced to sell off inventories of winter grade fuel. Within a month, however, the national average should begin increasing steadily as refiners complete their change to the production of summer grade fuel. With more vehicles on the road, refineries shift their processing to a lower polluting type of gasoline.
Racing, continued
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