BizJournals Portfolio

Pump It Up: $4 Gas

Drivers, get ready for a long, expensive summer.
gas

The futility of President Bush's visit to Saudi Arabia on Friday has been underscored by a new benchmark: $4 for a gallon of gasoline.

The Lundberg Survey tallied 7,000 retail gasoline prices around the nation last week and found an average price of $3.79, up 17 cents in the last two weeks. In Chicago and on Long Island, prices reached $4 a gallon for the first time.

And $4 could soon be the national average, she said. Gas consumption typically increases significantly after Memorial Day.

"The refinery margin on gasoline is so poor, I think the upward pressure on the refining margin will push up the price at the pump, even if crude oil does not," she told Reuters.

Crude-oil prices continue to climb today, approaching $128 a barrel.

On Friday, President Bush asked the Saudis to produce more oil. The Saudis say they have been pumping 300,000 barrels more a day in response to demand from buyers since early May, but that increase is not expected to have any impact on prices.

Here is a snapshot of gasoline prices in some other markets, from CNN:

  •    Tucson, Arizona: $3.48 a gallon
  •    Denver, Colorado: $3.64
  •    Houston, Texas: $3.65
  •    Minneapolis, Minnesota: $3.71
  •    Portland, Oregon: $3.77
  •    Atlanta, Georgia: $3.78
  •    Washington, D.C.: $3.82
  •    Hartford, Connecticut: $3.98
  •    San Francisco, California: $3.98


blog comments powered by Disqus
 
Great Global Business Adventure

To win in the global race, don't get distracted by competitive noise and focus on your clients.

David Duncan sees signs of sales rebounding at his candlemaking firm Paddywax.

If you’re in cleantech, you’re a global business, even if you’re local.

spotlight on

Football Fever

Gridiron Green

Who is more valuable, a star quarterback who makes $14 million a year or a player on the bench who pulls in a fraction that amount? In the NFL, a big paycheck doesn't necessarily mean big performance. Read More