Pump It Up: $4 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






