U.S. Retail Gasoline Rises as Diesel Sets Record ($2.05 per gallon)

[UpInArms]

http://quote.bloomberg.com/apps/news?pid=10000103&sid=asDtEzDWcWfE&refer=us

Oct. 4 (Bloomberg) -- The average U.S. retail price for regular-grade gasoline rose 2.1 cents the past week to $1.938 a gallon, the highest in almost four months, the government said. Retail diesel jumped 4.1 cents to a record $2.053.

The gasoline increase was led by California and other states on the West Coast, where retail prices climbed 8 cents on average to $2.146 a gallon, the U.S. Energy Department said in a weekly report. East Coast gasoline gained 2.3 cents to $1.921, and prices near the Gulf of Mexico rose 1.4 cents to $1.838.

Gasoline prices have surged the past three weeks after Hurricane Ivan sank oil production platforms, delayed tanker shipments and forced refineries to shut when it tore through the Gulf of Mexico last month. Gasoline has also risen with oil prices, which last week topped $50 a barrel for the first time.

<snip>

The latest gasoline price, the highest since $1.985 on June 14, is up 31 percent this year. It's still down from a record $2.064 in late May, as higher imports and domestic refinery production boosted U.S. fuel reserves above normal in the summer.

The latest U.S. diesel average of $2.053 a gallon was a record for the third consecutive week, the Energy Department said. The price has risen 18.4 cents, or 9.8 percent, the past four weeks, and is up 60.8 cents, or 42 percent, from a year ago.

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[hadrons]

1. in NYC I was shocked this morning ...

I don't drive, but I bike every morning and I always note gas prices, well anyway, for a while gas has been in the $2.09/$2.19/$2.29 depending on your poison, but today I passed one station that had $2.29/$2.39/$2.49 ... not sure it was a mistake or they got a head-start on the new prices coming soon

[struggle4progress]

2. kick for windfall oil company profits

:kick:

[fortyfeetunder]

3. See if Kerry wins - the oil bubble bust.

you know he's going to put an end to the shenanigans such as taking away the incentives to buy guzzling SUV's, get the CAFE standards up to snuff, etc. that is, implement all the energy-saving technology that will inevitably cut back oil company profits.

So there is some serious gouging to be had in the next four months.