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Apr-13-2008

Gasoline prices press upward at the pump

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CONTENTS:

The EIA forecasts regular gasoline to average $3.54 a gallon over the summer driving months, peaking at just over $3.60 a gallon in June. (More...)
The Kukui Grove Self Service station outside of Lihu'e reported regular at $3.799 a gallon. (More...)
A decline in U.S. crude and gasoline inventories drove the crude prices to $112.21 on Wednesday. (More...)
Diesel prices in Michigan are nearing the record of $4.247 a gallon, set March 21, 2008. (More...)
A month ago, regular unleaded gasoline averaged $3.19 a gallon in Michigan and a year ago it was $2.77 a gallon. (More...)
With diesel above $4 a gallon, businesses are passing the costs through the commodity chain to consumers (and truckers). (More...)
Today, the market opened at $110.06 while recording a low of $109.49 per barrel and a high of $110.08 per barrel. (More...)
Manager Bob Mykleby said that because corn is being used more and more in the production of ethanol, it has caused food prices to climb. (More...)
Even if crude were to fall to $80 on Monday, refineries are still going to be processing that $100 a barrel stockpile for a while. (More...)
California's price has gone up 8.8 cents since last Friday while New Jersey's has increased 4.8 cents, the auto club says. (More...)
Over several days, it has jumped 40-cents to $10.06 per thousand cubic feet. (More...)
Jim Cross of Cross Petroleum stated that gasoline in California has a different formulation to meet higher air quality standards, and that formulation costs refineries more to make, a cost which transfers to consumers. (More...)
"The combination of rising world oil consumption and low surplus production capacity is putting upward pressure on oil prices," the EIA report said. (More...)

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The EIA forecasts regular gasoline to average $3.54 a gallon over the summer driving months, peaking at just over $3.60 a gallon in June. Diesel is expected to average about $3.73 a gallon this summer. For both grades, that's well above last summer's averages, when regular was $2.93 per gallon and diesel was an average of $2.85. The projected higher costs for crude oil should keep petroleum prices high, the EIA noted in its'short-term energy and summer fuels outlook' news release published earlier this month. [1] The AAA report may already be outdated since the price tag associated with driving was generated using an average fuel cost of $2.941 per gallon, the price in late 2007. This week the U.S. Energy Department reported that the average U.S. retail price of gasoline rose to $3.33 per gallon, four cents higher than the previous week and 53 cents higher than a year ago. The agency also warned that prices are set to go even higher this summer, with some regions likely to see $4 a gallon gasoline. Other factors like the size of the vehicle or location can also cause the calculation to rise or fall.[2] Gasoline prices in Germany and the U.K. have risen roughly 37 cents a gallon in the past two months, keeping in lock-step with U.S. trends. The Energy Information Administration this week bumped up its predictions for average monthly fuel prices, saying gasoline is expected to peak at about $3.60 per gallon. 'It is important to note, however, that even if the national average monthly gasoline price peaks around $3.60 per gallon this summer, it is possible that prices at some point will cross the $4 per gallon threshold,' the administration's short-term energy outlook said.[3] WASHINGTON - With oil prices setting a record high of $112.21 a barrel, high fuel costs are a serious threat to the South Dakota economy, lawmakers said Wednesday. The Energy Information Administration released a report Tuesday that predicts national average monthly gasoline prices will peak at $3.60 a gallon this summer, with prices in some areas surpassing $4.[4]

Light, sweet crude for May delivery rose 3 cents to settle at $110.14 on the New York Mercantile Exchange. Analysts expect gasoline prices will continue to set records as more drivers take to the roads as summer approaches and refineries complete their conversion to more expensive summer-grade fuel. It is unclear how high prices will go, however, because a bigger fuel bill could convince some drivers to cut back. "I still do not believe there's enough strength in demand that it's going to justify that move to $4 a gallon" nationwide, said Tom Kloza of the Oil Price Information Service in Wall, N.J.[5] The EIA report, closely watched by the futures market, also said crude oil supplies fell by a surprising 3.2 million barrels last week; analysts surveyed by Dow Jones Newswires had expected an increase of 2.4 million barrels on average. That sent light, sweet crude for May delivery up $2.37 to settle at a record $110.87 a barrel Wednesday on the New York Mercantile Exchange after earlier rising as high as $112.21. That beat a trading record of $111.80 set last month. Before the EIA issued its report, oil prices were already higher due to the dollar'''s slide against the euro Wednesday. Many investors see commodities such as oil as an effective hedge against a falling dollar and inflation.[6] Fuel-hungry airlines are going belly-up, economic bellwether United Parcel Service Inc. (UPS) is blaming petroleum prices for slashed profit forecasts, and the U.S. consumer is buckling under mortgage debt and already high gasoline prices. Against this backdrop, benchmark crude-oil futures hit a new high of $112.21 a barrel on Wednesday, making a break with three weeks of lingering below $110 a barrel and lifted by a weekly inventories report that showed a surprising drop in U.S. crude stockpiles. Oil prices also continued to get a boost from the weak dollar, which reached new record lows this week. These factors overrode a bearish report from the U.S. Energy Department, which said it expects one typical driver of higher prices -- demand -- to fall. Although crude backed off on Thursday's trading to close at $110.11, analysts said the same reasons supporting this month's gains could drive prices even higher.[7]

PRINCETON, N.J. -- Owning a car is more expensive than ever. Record prices at the pump for gasoline -- and its main ingredient crude oil -- will lift the cost of driving to 54 cents per mile this year or an annual average of $8,121, according to a new report from the motorist group AAA. "While the cost of some driving expenses declined since the start of 2007, higher gasoline prices have more than offset these savings and pushed the overall cost of vehicle ownership and operation higher this year," said John Nielson, director of AAA's Approved Auto Repair network.[2] "California gas prices have increased by almost 20 percent since the beginning of the year," says Jeffrey Spring, a spokesman for the Automobile Club of Southern California. "But as bad as that is, oil industry analysts point out that the price increases for diesel, jet fuel and heating oil since the beginning of the year have been even higher,' he says. 'The $100-a-barrel prices for crude oil are the primary driver behind all of these fuel price increases." Here are Central Valley market averages on April 11, (driving from south to north) as reported by the American Automobile Association with last week's (April 4) averages in parentheses and March 28 prices in brackets: ' Bakersfield, $3.686 ($3.628) ' Visalia-Porterville, $3.794 ($3.711) ' Fresno, $3.753 ($3.692) ' Merced, $3.787 ($3.691) ' Modesto, $3.735 ($3.666) ' Stockton-Lodi, $3.742 ($3.659) ' Sacramento, $3.760 ($3.674) ' Yolo, $3.776 ($3.678) ' Chico, $3.712 ($3.602) The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.736, which is 9.7 cents more than last week.[8] With the peak summer driving season coming and gas following crude higher, the fuel may well reach the retail price of $4 a gallon that the Energy Department has been forecasting. Prices that are 55 cents higher than a year ago are hurting gasoline demand, which fell last week by nearly 2 percent from year-earlier levels, the department's Energy Information Administration said in its weekly inventory report.[9] The real test of consumer behavior will be the summer driving season, when it's time to fill up the gas tank and head out on vacation and day trips to the beach. The Department of Energy's Energy Information Administration said this week that the retail price of gasoline is projected to average $3.54 per gallon during the summer driving season, which lasts from April 1 to Sept. 30, compared with $2.93 per gallon last summer.[2] The increase comes as the U.S. average retail price for regular gasoline set another record last week of $3.332 per gallon, according to the U.S. Energy Information Administration, which tracks and forecasts global energy trends.[1]

Residents are paying more than $3.70 a gallon for regular, which is on par with the L.A. -area average. BURBANK -- Gas prices continued their climb this week in the Los Angeles area, with a new record average price for regular-grade gasoline set at $3.75 per gallon on Friday, up 2-cents from the day before.[10] Bristol gas stations registered the highest increase, with prices up by 6.5 cents in one week with an average price of $3.23 per gallon, a new record for that city.[11] The average price per gallon of diesel fuel rose more than 2 cents to a new record high of $4.066.[12] The average price per gallon of diesel fuel rose more than a cent to $4.045, matching the record high set in late March.[13]

Average price for diesel fuel increased 32.4 cents to $3.87 per gallon, a new record average price, the report said.[14] On April 7, the national average for gasoline was $3.33 per gallon, just slightly down from Monday's record average price of $3.39 per gallon, according to AAA's Daily Fuel Gauge Report that is based on data from Oil Price Information Service, a petroleum pricing information provider.[15] Retail gasoline rose 0.8 cents to a national average of $3.365 a gallon, although drivers in California could expect to pay nearly 30 cents more for regular and over $4 a gallon for higher grades, according to AAA and the Oil Price Information Service. The increase marks the latest in a series of retail gasoline records in recent weeks, and leaves drivers paying 56 cents more a gallon now than they did a year ago.[5] The national average price of a gallon of regular unleaded gas rose 1.2 cents, to a record $3.343 a gallon, according to a survey of gas stations by AAA and the Oil Price Information Service.[9] The average price of regular unleaded rose 0.8 cents to $3.365 a gallon from the $3.357 the day before, according to AAA's Web site. Gas prices are up 19.9% from what they were last year.[12]

The U.S. gas price average also set a record at $3.33 per gallon, up 4.2 cents from a month ago and up 62.5 cents from a year ago.[14] The price is up about 53 cents from last year and 8 cents from last month and is only 2 cents shy of the all-time highest national average price, adjusted for inflation, of $3.41 per gallon, set in March 1981, according to the U.S. Energy Information Administration.[6] According to an Energy Information Administration report released Tuesday, motor gasoline prices are projected to average $3.36 per gallon in 2008, up 55 cents from 2007.[16] Drivers in Johnson City are also paying the highest prices ever recorded there with an average of $3.21 per gallon listed at 25 stations. Tri-Cities drivers are paying 25 cents more for a gallon of gasoline than they did in January and 10 cents less than the current U.S. average of $3.33 per gallon, AAA says. The U.S. Department of Energy stated in its latest weekly petroleum report that current gasoline consumption levels are at readings not seen since the last economic recession in 2000.[11] Regrettably, the Democratic leadership in Congress seems determined to make the conditions Americans face worse instead of better. Recently, the Democratic chairman of the House Energy and Commerce Committee, Rep. John Dingell, has announced his intention to introduce legislation to raise the federal tax on gasoline and diesel fuel by 50 cents per gallon! This would be an additional charge, levied on top of the already existing federal tax of 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel fuel. If the Democrats are successful in their effort, how would this affect the average driver in Georgia? According to the American Automobile Association the average price for regular gasoline in Georgia is $3.22 per gallon. If Rep. Dingell's plan passes, this would automatically rise to $3.72 per gallon for regular gasoline.[17] Statewide, the average price for regular-grade gasoline has climbed 7.7 cents per gallon since last week to $3.68, or 35 cents higher than the national average for the same fuel, according to the California Energy Commission.[10] Arizona's statewide average for regular unleaded gasoline is currently $3.290 per gallon, an increase of over three cents from last week. Tucson drivers continue to pay the state's lowest fuel price at $3.184 per gallon, while Flagstaff drivers continue to pay the most to fill their tanks at $3.415 per gallon.[18] While Chang was paying $3.79 per gallon for regular-grade gasoline Friday morning at the Chevron on East Olive Avenue and South Glenoaks Boulevard, the Arco station just a couple blocks south on Glenoaks had the same fuel advertised for $3.71 per gallon. Drivers should also be aware of service fees that tend to crop up during rough economic times as station owners try to pass some of their costs on to consumers, Montgomery said. As in the case of the Arco station, the per-gallon price for regular unleaded may have been 8 cents cheaper than the Chevron two blocks away, but the company charges a 45-cent fee for motorists who pay with their debit cards, she said. "Their margins are already so thin, especially with prices being so volatile," she said.[10] Assembly Majority Leader Ron Canestrari, D-Cohoes, said the state tried to reduce costs for consumers in 2006 when it capped the state sales tax on gasoline at no more than 4 percent of $2 per gallon of gas, 8 cents, but the price has continued to increase.[6]

The old formula dictates that the price of gasoline goes up 2.4 cents for each $1 that crude goes up. That amount, $2.40 for a gallon of gas made from $100 oil, is about 55 percent of what we pay at the pump ''' the rest being taxes and miscellaneous costs.[19]

During the summer season, defined as the period from April 1 to September 30, the EIA projects motor gasoline consumption will decline by 0.4 percent as a result of the current economic slowdown and high retail prices. The EIA said these retail price projections reflect higher prices for the refiner's average acquisition cost of crude oil, projected to average almost $97 per barrel, up from about $67 per barrel last summer.[15] Oil rallied to record an all time high over $112 a barrel yesterday after the EIA petroleum status report showed a plunge in U.S. crude inventories as the summer traveling is coming to a start. The U.S. remains in recession as they try to revive the economy by lowering interest rates. A support to the surging of crude oil prices is the falling dollar after there are expectations that the Feds might cut interest rates again by 50 basis points this month bringing it down to 1.75%. Investors entered the crude market as they were hedging against the depreciating greenback. Foreign investors were encouraged to enter the commodities market as they hold a stronger currency making it cheaper for them to trade. As crude markets welcomed many traders yesterday after the release of the EIA, this resulted for oil to gain $2.37 while closing at $110.87 to record the all time high of $112.21 per barrel and a low of $107.95 per barrel.[20] An unexpected decline in U.S. crude and gasoline inventories drove oil prices to a trading record of $112.21 a barrel on Wednesday amid concerns about inadequate supplies ahead of the Northern Hemisphere summer driving season.[21]

An unexpected drop in the nation's crude oil supply sent futures prices as high as a record $112.21 per barrel during yesterday's trading.[22] NEW YORK - Gasoline prices set another record yesterday, and crude oil topped $112 a barrel for the first time in the futures market.[23] Crude oil prices, meanwhile, hit a record $112 a barrel in the futures market on the NYMEX in New York.[24]

The upward trend in energy prices showed no sign of abating Wednesday as gasoline set a record at the pump and crude oil topped $112 a barrel for the first time in the futures market.[9]

We probably need to resign ourselves to the fact that we'''ll pay $3.60 to $4 a gallon for gasoline before the summer is done. Energy Secretary Bodman hopes it won'''t go higher than $3.60, but he didn'''t sound too optimistic about that in remarks last week. Bodman and even George Bush himself have gone hat in hand to OPEC asking them to put more crude oil on the market to bring gas prices down. Even if the OPEC nations did so ''' and there'''s no reason to believe they will ''' it would take a while before we consumers feel much relief. Crude has been at or above $100 for weeks now, and that expensive oil has to work its way through the system.[19] The U.S. Energy Department said earlier this week that it expects average monthly gasoline prices to peak at $3.60 a gallon this spring, since the high prices will serve to curb demand. For investors who are tired of feeling like they've been mugged every time they fill up at the corner gas station, this forecast had to nurture a feeling of relief - as well as a belief that pump prices will finally start to decline. That may well happen in the short term (although even the Energy Department report said that before prices level off there could be interim price spikes that will take pump prices up over the $4 a gallon level). For the long haul, after looking at this prediction, we can't think of a more powerful indicator - or surefire sign - that prices at the gas pump are headed higher much higher.[25] Retail diesel, the fuel of trucks, trains and ships, rose overnight to a new national record of $4.045 a gallon. The Energy Department expects gasoline prices to average as much as $3.60 a gallon this summer, but believes the national average price could spike as high as $4 a gallon at times.[26] Prices could rise much higher than that at times. "It is important to note. that even if the national average monthly gasoline price peaks around $3.60 per gallon this summer, it is possible that prices at some point will cross the $4 per gallon threshold," the EIA said.[27] The more people use gasoline, the more gas producers charge the consumers to buy it. That philosophy explains why gas prices tend to rise during the summer, when most people hit the roads for vacation. It also is why forecasters expect the gasoline rates to be much higher this summer than they are now. The EIA projected in its most recent monthly petroleum supplies and demand report, that a gallon of unleaded gas will average around $3.60 and could reach as high as $4.00 at different times during the summer.[28]

Read the entire report at: www.eia.doe.gov/emeu/steo/pub/contents.html. U.S. regular gasoline prices will reach a monthly average peak of about $3.60 a gallon this spring. U.S. regular gasoline prices will average around $3.54 a gallon this summer compared with $2.93 a gallon last year. Americans will use 0.4 percent less gasoline this summer than last summer because of the economic slowdown and higher gasoline prices.[29] Unless you live in a bubble, like George Bush, who expressed total surprise in February when a reporter told him gas was nearing $4 a gallon, you'''ve been socked hard in the pocketbook by rising prices. It'''s most evident at the supermarket ''' bread prices are up 30 percent over the last three years, milk is up 17 percent in the last year and eggs have shot up 62 percent in the last two years ''' and at the gas pump ''' the national average for regular gasoline just notched a record $3.34 a gallon and it could peak at $4 this summer.[30] The AAA auto club said prices at the pump set records of $3.357 a gallon for regular unleaded gasoline and $4.045 for diesel, even though U.S. gasoline consumption fell 0.6 percent in the first quarter. That could make oil prices a politically volatile issue this year among voters who think prices are excessive and are looking for someone to blame.[31] The American Automobile Association and the Oil Price and Information Service listed the national average for a gallon of regular unleaded gasoline at $3.343, which is 55 cents higher than it was one year ago.[28] The Associated Press reported Friday that gasoline rose 0.8 cents to a national average of $3.365 a gallon, according to AAA and the Oil Price Information Service.[32]

Gas prices slipped slightly to a national average of $3.331 a gallon from Monday's record of $3.339, according to AAA and the Oil Price Information Service.[27]

With the peak summer driving season still to come and gas following crude higher, the fuel may well reach the retail price of $4 a gallon that the Energy Department has been forecasting, the Oil Price Information Service said.[24] Whereas there were questions just two months ago if statewide gasoline prices would hit $4 a gallon, that's less the case now, said oil industry consultant David Hackett, head of Stillwater Associates in Irvine, Calif. "It will get to $4 if crude oil keeps going up," said Hackett, noting it takes six weeks or so for crude oil price changes to ripple through to the gas pump.[33] Oil prices significantly above the projected level would greatly increase the prospects for $4 per gallon gasoline in some parts of the country. Local supply conditions will also play a key role in determining prices in various locations this spring and summer. Numbers like this have led concerned Facebook users to create more than 500 global groups dedicated to complaining about gas prices or coming up with ways to lower prices.[16] While analysts and politicians banter back and forth about the economic state of the United States, one thing is sure for most Americans: this summer's gas prices are going to take a heavy toll on their wallets. Recent government forecasts show prices at the pump reaching close to four dollars per gallon this summer as the price of crude oil continues to reach record highs.[34]

Falling demand for gasoline prevents refiners from raising gas prices enough to keep up with the soaring price of crude. "These projections indicate a narrowing of the difference between the gasoline retail price and the average cost of crude oil," EIA said. The EIA also projected that OPEC oil production will average 32.3 million barrels a day this year, up about 100,000 barrels a day from previous forecasts.[27] The average quarterly decline in the past decade has been 2.1% of global demand, or about 1.7 million barrels a day. With oil prices already trading near record highs above $110 a barrel, the second-quarter global demand drop looks to be anything but typical this year.[35] "There's a strong possibility we'll see new record highs again next week." Crude prices were under pressure for most of Friday after the International Energy Agency lowered its global oil demand forecast for the year by 310,000 barrels a day to 87.2 million barrels a day, citing lower economic output expectations in the U.S. and elsewhere. "The suspicion is it's not just the U.S. that's going to see a slowdown," Kloza said. "I think it's significant, but I also think the would-be sellers. are probably not yet convinced."[5] New York -- Crude oil prices jumped to a record Wednesday on a U.S. government report that inventories of crude dropped 3.2 million barrels during the week. "It's mostly inventory data, but it's really just a continuation of the bull trend," industry analyst Tom Bentz told The Wall Street Journal.[36]

The EIA projects the average price for U.S. benchmark West Texas Intermediate crude oil will average a record $103.67 a barrel in the quarter, a 5.9% rise from the first quarter and nearly 60% above a year ago.[35] Crude oil prices are the biggest reason gas and diesel prices are rising, the EIA said. Oil is now expected to average $101 a barrel this year, up from the EIA's previous projection of $94.[27]

The EIA sees a dip of around 40,000 barrels a day year-on-year in second-quarter gasoline demand and a drop of around the same size for the full April-September driving season. That would be the first drop since 1991 and contrasts with average year-on-year summer growth of 129,000 barrels a day since 1992. Analysts at Goldman Sachs raised their forecast for oil prices in the second half of 2008, saying the "upside potential. is likely to be above $115" a barrel, instead of $105 projected earlier. Goldman said it continues to expect " a modest inventory build this spring " that will weaken the timespread between forward contracts and the front-month futures contract. It said it believes the downside risk is limited to $98 a barrel, not $90 as previously thought.[35] For drivers, bad news awaits, at least in the short-term. A U.S. government report on Tuesday forecast gasoline prices could surpass $4 a gallon in some areas this spring, even before the key summer driving season. The same report showed that in the longer term, demand for petroleum products was likely to fall. Crude prices have snapped back from a tumble last month below the $100 a barrel-level, lifted by an unexpected drop in U.S. inventories that pushed futures pass their previous high of $111.80 reached March 17.[7] The price of oil topped $112 a barrel for the first time in the futures market, increasing worry that gas could hit $4 a gallon for the summer driving season.[37]

Originally, it was a highly controversial theory. In an era where we're burning reserves four times faster than they're being replaced by new discoveries, it's increasingly being accepted as a reality. The sharper experts are no longer asking "if" we're going to run out of oil; now they're trying to predict "when." It's certainly a vexing question, and we don't pretend to know the answer. We do know this: It's likely to be sooner than the world thinks, if for no other reason than global demand is accelerating at a record pace at a time when worldwide inventories are generally declining. That's why investors can expect more days like Wednesday, when the disclosure that U.S. oil inventories were "lower than expected" torpedoed U.S. stock prices and sent oil futures soaring to a new intraday record of $112.21 a barrel.[25] A weaker greenback makes oil cheaper to investors overseas. Analysts place much of the blame for oil'''s rise to record prices well above $100 a barrel this year on speculative investors drawn to oil futures by the falling dollar. With the Federal Reserve expected to cut rates several more times this year, which will likely further weaken the dollar, oil prices may continue rising despite tepid demand.[6] In theory, that should bring prices down. So far this year, gas and oil prices have shown little inclination to fall in response to eroding demand. With gasoline supplies shrinking and the summer approachingwhen demand, while weaker than last year, will be stronger than it is nowconsumers may have to wait until this fall for price relief. Analysts attribute much of oil's rise this year to speculative buying tied to the falling dollar. With the Federal Reserve expected to cut rates several more times this year, which will likely further weaken the dollar, oil prices may continue rising despite tepid demand.[9]

High prices and a weak economy are expected to cut demand for gasoline by about 0.4 percent during the peak summer driving season, the department's Energy Information Administration said in a monthly report on petroleum supplies and demand. Overall consumption of petroleum products will drop by 90,000 barrels a day this year.[27]

"The first quarter of 2008 continued to show an even sharper decline in consumption of 0.6 percent compared to the same period in 2007. Real personal disposable income rose only an estimated 0.9 percent in the first quarter, and regular grade gasoline retail prices rose an estimated 32 percent from an average $2.36 per gallon a year ago to an average $3.11 per gallon this year," the report said.[11] In Kentucky, AAA lists the average price statewide for regular unleaded gasoline at $3.29 per gallon. That figure ties for 23rd among all the states.[28] At the pump, the average price for a gallon of unleaded gasoline in the United States reached to $3.343 per gallon Wednesday from Tuesday's $3.331 per gallon, AAA said.[36]

While consumers often expect prices to peak over the summer, the highest prices are usually in May, AAA spokeswoman Marie Montgomery said. In Glendale on Wednesday, prices at many gas stations were higher than those in Burbank, when the average per gallon price for regular-grade gasoline was $3.73 for the region. "I don't eat out, I don't go to movies, I don't get my nails done, I don't even buy my dog treats anymore," Glendale resident Shena Nickell said as she pumped regular-grade gasoline into her Ford Explorer for $3.86 per gallon at a Chevron in Montrose.[10] Nationwide, gasoline retail prices, which averaged $2.93 per gallon last summer, are projected to average $3.54 per gallon during the current driving season, according to the EIA. Diesel fuel prices, which averaged $2.85 per gallon last summer, are projected to average $3.73 this summer.[15] At-the-pump prices for gasoline was up 0.8 cent overnight to $3.365, which is 56 cents more than last year at the same time, while diesel fuel added 2.1 cents to $4.066 per gallon.[38] Statewide gasoline prices for regular have risen by about 67 cents in the past year and Hawai'i's average gallon of diesel fuel has gone up 76 cents in the past 12 months to a record $4.261.[33] Retail gasoline and diesel fuel prices set fresh record highs Thursday, with regular gasoline at $3.357 a gallon, up 20% from a year ago, according to AAA Daily Fuel Gauge Report.[35]

In Richmond, the pump price of regular gasoline was also setting records yesterday, averaging $3.29 per gallon, up a penny from the day before, according to AAA Mid-Atlantic.[22] Kingsport's string of record averages continued last week with a price of $3.24 per gallon, a 6 cent increase over seven days.[11] Diesel, which rises to $4.551 per gallon, is still more than 14 cents away from the record set in March. Though at record highs, the exchange's gas prices in Germany and the U.K. are nowhere near those prices.[3] When the Army and Air Force Exchange Service and Navy Exchange Command adjusted weekly prices for overseas Pacific pumps, mid-grade unleaded fuel in Japan rose 4 cents to $3.249 a gallon. That price sits below the U.S. national average because of a Japanese government discount of 25 cents per gallon.[1] The price of a gallon of regular rose 2.3 cents to $3.697 on Thursday, and diesel fuel also reached a new high with a statewide average price of $4.261.[33] The new high also comes just after the average price for a gallon of regular reached $4 a gallon Wednesday in Wailuku, a new high for Maui. "I hardly drive now," said Carson Neves, a 21-year-old Kane'ohe resident who limits his trips into Honolulu because of prices and tries to find the cheapest gasoline when he needs fuel. The $5 fuel-ups he puts into his 2001 Nissan Sentra don't give him much these days.[33] The highest average price for a gallon of unleaded gasoline in the nation was $3.75 in California and lowest was $3.17 for a gallon of unleaded in Massachusetts. Hawaii's fuel prices dropped a bit, coming in at $3.67 after being well above $4 a gallon earlier this year.[24]

AAA Arizona announced on April 9 that the average price per-gallon for regular unleaded was an all-time Arizona record of $3.29 statewide, three pennies more than last week. At this same time last year, $2.88 was the average price for a gallon of regular unleaded in Arizona.[39] CAPITAL REGION - The average price for a gallon of regular unleaded gas in the Capital Region tied the all-time local record Wednesday: $3.39.[6] The department's short-term energy outlook promises record high prices for summertime driving, as it anticipates regular unleaded gas going for an average price of $3.54 from July to September. I'd like to know, why is gas 3 cents less in JC that in kingsport? It all comes off the same truck.[11]

Nymex crude oil futures prices on Thursday settled at $110.11 a barrel, down 76 cents from a record high a day earlier.[35] Futures reached $112.21 a barrel on April 9, the highest since trading began in 1983. This is the 14th straight week that analysts have forecast a decline in prices. The oil survey has correctly predicted the direction of prices 50 per cent of the time since its introduction in April 2004.[40] Despite what is being called "healthy" supplies by the U.S. Department of Energy, crude oil continues trading at more than $100 per barrel and prices at the pump keep rising.[39] Crude oil futures for May as of April 9 were a record $110.87 per barrel after setting an intraday record of $112.21 per barrel in response to an unexpected decline in U.S. crude supplies.[14] Crude oil in New York rose to a record $112.21 a barrel on April 9 after the Energy Department reported an unexpected decline in U.S. inventories.[41] The price for a barrel of crude oil reached a record of $112 Wednesday on the New York Mercantile Exchange (NYMEX).[28]

On the New York Mercantile Exchange, crude prices gained 17 cents in late trading to $110.31 per barrel.[42] Crude oil for May delivery fell as much as 62 cents, or 0.6 percent, to $109.49 a barrel in after-hours trading on the New York Mercantile Exchange. It was at $109.92 at 2:59 p.m. Singapore time.[43] Crude oil for May delivery rose 3 cents to settle at $110.14 a barrel on the New York Mercantile Exchange. It fell to an intraday low of $108.92 earlier.[44]

Gasoline inventories dropped 3.44 million barrels, to 221.3 million last week, the report showed. That sent light, sweet crude for May delivery up $2.37, to settle at a record $110.87 a barrel on the New York Mercantile Exchange, after earlier rising as high as $112.20. That beat a trading record of $111.80 set last month.[9] According to a government report Tuesday, crude-oil supplies fell last week a surprising 3.2 million barrels. That sent light, sweet crude for May delivery up $2.37 yesterday to settle at a record $110.87 a barrel on the New York Mercantile Exchange.[23]

On the New York Mercantile Exchange, prices hit a record $112.21 per barrel Wednesday before settling down to $110.57 late in the day.[36] May contracts for West Texas Intermediate Crude closed up 3 cents to $110.14 per barrel on the New York Mercantile Exchange, while Brent crude gained 74 cents to $108.94 per barrel on the ICE Futures Europe exchange in London.[45]

Nymex May gasoline futures added 2 cents to $2.80 per gallon while May heating oil was up less than a cent to $3.19 per gallon but May natural gas contracts dropped 20 cents to $9.90 per million British thermal units.[45] In other Nymex trading Friday, heating oil futures gained nearly 3 cents to $3.2205 a gallon while gasoline prices fell by less than a penny to $2.7861 a gallon.[21] "Gas hitting $3.60, $3.65 a gallon seems like a done deal," said James Cordier, president of Tampa, Fla., trading firms Liberty Trading Group and OptionSellers.com. Gasoline prices are rising, in part, because of a supply crunch that occurs every spring when refiners switch over from making winter grade gasoline to the less polluting fuel they're required to sell during the summer.[26] Gasoline prices are projected to average $3.36 per gallon across the nation in 2008 while the monthly average gasoline price is projected to peak at just over $3.60 per gallon in June, according to the Federal Energy Information Administration.[15] Unleaded gasoline prices in the state soared to an average of $3.39 per gallon on Wednesday.[24]

The national average for a gallon of unleaded gas hit an all-time high of $3.34 earlier this week and forecasts indicate that prices could reach $4 per gallon this summer.[28] In the summer of 2006, when corn was $2 a bushel and oil $70 a barrel, ethanol producers averaged $1.06 in profits per gallon sold. Then, corn prices doubled to $4 a bushel last year and just breached $6 this April.[30]

Crude oil reached an all-time high of $112.21 per barrel after the Department of Energy reported larger than expected drops in inventories of oil and gasoline. Refineries are only operating at approximately 83 percent of their capacity, which is about 10 percent below normal output levels. While refinery production is generally below normal this time of year as a result of spring maintenance, speculation continues that shrinking profit margins are also the cause behind this larger-than-expected drop in production levels.[18] The largest percentage of the retail cost of gasoline comes from the price per barrel of crude oil, which in recent months has been steadily climbing. The percent of local retail cost associated with crude oil prices at the time of this article was about 67 percent, and the driving forces behind those prices have been the source of much debate and speculation as America faces a financial crunch that is made tougher by rising fuel costs.[46]

AAA said that despite the healthy increase in crude oil supplies, coupled by a decrease in gasoline supplies, prices are expected to near the $4 mark before years end.[39] In the middle of March, just days after I reiterated that prediction and provided some potential related investment opportunities in an edition of Money Morning, Wall Street giant Goldman Sachs Group Inc. ( GS ) issued a report predicting crude oil prices would reach $175 in the next few years. Real pricing changes and the altered behavior that flows out of such stressful stretches can only take place when prices are high and when shortages become apparent. Without the benefit of all the information uncovered by such a volatile environment, forecasting can be a fool's game.[25] Record crude oil prices are keeping gasoline above the $3 per-gallon mark and experts say to expect the trend to continue.[39] The price that buyers will pay independent producers of Penn Grade crude oil jumped $2.25 Thursday, hitting a record high. American Refining Group of Bradford upped its purchase price to $105.50 for a 42-gallon barrel of Penn Grade crude while its peer, Ergon Oil Purchasing of Newell, W.Va., set its figure slightly lower at $105.25.[47] VIENNA, Austria (AP) — Oil prices rose above $110 a barrel Friday after slipping from a record high at midweek as investors locked in profits from a stronger U.S. dollar.[21] Crude oil prices slipped slightly as investors locked in on profits as oil was gaining due to the unexpected fall of U.S. inventories at a beginning of a soon approaching summer season driving. A reason of why we saw oil prices record its all time high was a weak greenback in which investors were attracted to dollar backed commodities like the market for crude oil.[48]

On the eve of the summer driving season, crude prices defy gravity, hovering around $110 a barrel, keeping gasoline prices at record levels and sapping money from cash-strapped consumers.[31] An unexpected decline in U.S. gasoline stocks drove prices to $112.21 a barrel Wednesday amid new concerns that supplies could be inadequate during the coming peak summer driving season.[49]

Crude prices rose to a new trading record of $112.21 on Wednesday after the Energy Department said supplies fell unexpectedly last week.[26] Earlier in yesterday's session, the crude price rose as high as $112.21. That beat a trading record of $111.80 set last month.[23]

Natural gas prices rose 0.014 cents in late trading to $10.07 per million British thermal units.[36] As of April 7, Missouri's average retail price for gas climbed 22.8 cents to $3.20 per gallon.[14] Diesel prices are projected to show even larger increases in 2008, averaging $3.62 per gallon, 74 cents above the 2007 average price.[16] The average price of Missouri's E-85 gas was $2.59 per gallon, compared to $2.45 a month ago and $2.11 in April 2007. This material may not be published, broadcast, rewritten or redistributed.[14]

California drivers continue to pay the most for fuel in the country at $3.750 per gallon. Motorists can visit www.AAAAZ.com/news for the latest fuel price information and gas saving tips and go to www.AAA.com/fuelfinder to locate the station with the cheapest gas in their neighborhood or along their commute route. They can also visit AAA's Fuel Cost Calculator at www.fuelcostcalculator.com, which can help drivers plan out their fuel costs so they can budget their travel expenses in advance.[18] AAA lists diesel prices in Kentucky averaged $3.906 per gallon. Most area gas stations set their prices based on their competition, but the rates of nationally owned companies, such as Kroger, are determined by their home office.[28] Diesel prices are well over $4 per gallon throughout California, with the highest found in San Luis Obispo at $4.398, an all-time high, the AAA says. GasBuddy bases its figures on reports from volunteer 'price spotters' reporting specific locations in the U.S. and Canada.[8] "There is a significant possibility that prices during some shorter time period, or in some region or sub-region, will cross the $4 per gallon threshold, " EIA said in the monthly report.[7]

Prices are 55 cents higher than a year ago. Diesel prices, which are already averaging more than $4 a gallon nationwide, will average $3.62 a gallon this year, up 74 cents from 2007, the EIA said.[27] A year ago, a gallon of diesel cost an average $2.93, so the price has climbed 43.3 percent since April 2007.[24]

The national average for a gallon of unleaded gasoline reached a record $3.34 a gallon, said Nancy Cain, a spokeswoman for AAA of Michigan. That price topped the U.S. record of $3.33 set a day earlier.[24] At the pump, the national average price of a gallon of unleaded gasoline was $3.365 Friday, up from Thursday's $3.357, AAA said.[42] Nationwide, the average price of gas was $3.365 Friday, up from $3.357 on Thursday. New Jersey had the cheapest average pump prices at $3.094 on Friday while New Hampshire is right behind them at $3.192 a gallon.[50] California holds the lead in the nation for the highest gas prices, at $3.767 a gallon, while New Jersey saw average prices of $3.094. Both Alaska and Hawaii came in with gas prices above $3.60 a gallon.[51]

NEW YORK -- Retail gas prices could climb as high as $4 a gallon this summer, but prices at such lofty levels will make many Americans think twice about hitting the road this summer, the Energy Department said Tuesday.[27] "A rural state which relies on agriculture and tourism is going to get hit hard, extra hard," Johnson said. It's unlikely that gas prices in South Dakota will reach $4 a gallon this summer, said Mark Madeja, spokesman for South Dakota AAA. "Areas like California and Hawaii will probably feel the brunt of that," he said.[4] South Dakotans would be devastated if gas prices were to hit $4 a gallon during the summer driving season, said Sen. Tim Johnson, D-S.D.[4] With the peak summer driving season still to come, gas prices could reach the retail price of $4 a gallon, according to government forecasts.[6]

Gas is expected to go up in mid- to late May, when the more expensive "summer blend" of gasoline goes into pumps, and as demand increases because of vacation driving, Mosher said. The Energy Department has been forecasting the possibility of $4-a-gallon gasoline this summer. Mosher said it's hard to tell when and if prices will hit $4 here. She noted that gas is generally higher in Chicago because of Cook County and Illinois taxes and because of the summer blend.[37] "Declining consumer confidence and spending, as well as turbulent financial and economic market conditions, are primarily driving the decline," Jeff Schuster, executive director of automotive forecasting for J.D. Power and Associates, said in a statement. This week, a study from Kelley Blue Book showed a jump in the number of consumers saying rising gas prices have caused them to alter their car-purchasing behavior. The survey found that almost 60% of car shoppers said gas prices have changed their minds or strongly influenced their purchasing decisions, up 11% from last month. The study found that 43% of consumers indicated they would seriously consider a more-fuel-efficient vehicle if gas prices were to rise an additional 25 cents above current levels. They may not have to wait too long to hit this threshold as the price of gasoline is set to march into record territory this summer.[2]

Clark said the best way to lower gas prices is to reduce driving. He said if everyone would drop their driving by 5 percent, that would translate to 5 percent less oil - about 1 million barrels per day. "Driving less creates lower demand, which will force prices to drop," he said.[16] The U.S. Energy Information Administration projects the drop-off will be just 760,000 barrels a day, or less than 0.9%. That's the slimmest decline since 2004, when raucous booming demand growth from China and other developing countries ignited the rally that has tripled the value of crude oil. By the EIA's estimation, second-quarter global demand will average 85.66 million barrels a day this year - virtually the same level as the fourth quarter of 2006, which was the strongest for the year.[35] The EIA report was released Wednesday showing that the U.S. commercial crude oil inventories decreased by 3.2 million barrels from the previous week. At 316.0 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year.[48]

Analysts had expected crude oil stocks to climb by 2.7 million barrels, according to Platts, a trade publisher. Gasoline supplies dropped by 3.4 million barrels last week, more than expected, but are still well-above their five-year average.[22] Imports made up the difference. The federal agency reported that crude oil supplies dropped 3.2 million barrels last week, but at 316 million barrels are still well within their five-year average.[22] The energy agency's report, closely watched by the futures market, also said crude oil supplies fell by more than 3 million barrels last week, to 316 million barrels.[9]

While the steady increase in price for oil suggests a decreasing supply, Wall Street analysts predict an increase in crude oil supplies to be up 2.4 million barrels.[34]

The contract shed $0.76 closing at $110.11 while recording a high of $112.20 per barrel and a low of $108.75 per barrel. Today, oil is continuing its decline as Oil Movements, a tracking company, showed that OPEC shipped out extra supplies of crude which should soon appear in the markets and ease supply concerns taking prices down.[48]

The price of heating oil gained 0.1208 cents Wednesday to $3.225 per gallon.[36] The price of reformulated blendstock gasoline gained 0.026 cents to $2.767 per gallon.[36] Which makes us all the more suspicious of the $3.60 per gallon price point, particularly since it flies in the face of nearly everything we here at Money Morning know about global gasoline demand - which is accelerating dramatically even as long-term supplies are slowly being squeezed.[25] At a 76 station on North Glendale Avenue and Glenoaks Boulevard in Glendale, cash payment prices for regular-grade gasoline were advertised at $3.67 per gallon, but $3.83 per gallon of the same fuel for credit card users.[10] The price per gallon of unleaded regular gasoline in the Greenville metro area was $3.16, up from $3.143 on Thursday.[50] Some station in Burbank also had advertised prices for premium-grade gasoline at more than $4 per gallon.[10] Buying a gallon of gas today will take most of a $4 bill in Crescent City, Benicia, San Luis Obispo, Fairfield and South Lake Tahoe where prices are $3.99 per gallon at various gas stations, according to the website GasBuddy.com. It's over $4 in the remote wide spot in the mountainous road of Happy Camp ($4.22) and in Novato at a Shell station ($4.09), GasBuddy says.[8] According to the Web site gasbuddy.com, gas prices in Morehead were primarily around $3.35 per gallon on Wednesday.[28]

Reformulated blendstock prices fell 0.0029 cents in late trading to $2.8044 per gallon.[42] Nymex May gasoline futures added 2 cents to $2.80 per gallon while May heating oil was up less than a cent to $3.19 per gallon.[38] Heating oil futures settled 4.05 cents below the record high set Wednesday, at $3.194 a gallon, while gasoline blendstocks futures settled at a record $2.7921 a gallon, up 1.79 cents.[35] In other trading Friday, heating oil futures rose 0.35 cent to $3.1975 a gallon, while gasoline futures rose by 1.52 cents to $2.8073 a gallon.[52] Earlier, heating oil futures rose to a trading record of $3.3204 a gallon due to falling supplies and strong demand overseas.[26]

In other Nymex trading, heating oil futures were up nearly 5 cents at $3.2830 a gallon.[53]

The Kukui Grove Self Service station outside of Lihu'e reported regular at $3.799 a gallon. In Honolulu, the average price for regular was nearing its record, having risen to just 0.002 cents beneath it. [33] The average price Wednesday for a gallon of regular gas in Sioux Falls was $3.30.[4] Nationwide average price for a gallon of regular unleaded grew more than a penny to another all-time high of $3.357, AAA survey says.[13] The average price for regular unleaded in Chicago was $3.523 Wednesday, according to AAA's fuelgaugereport.com.[37]

In Oregon, the average price is $3.49, up almost 6 cents from last week, according to AAA Oregon.[15] California's highest market average price on April 11 is in San Francisco at $3.902 ' an increase of nine cents in a week's time.[8]

Hawai'i's average gasoline price jumped to a record high this week, surpassing a mark set 31 months ago and increasing the possibility the statewide price will break through the $4 level soon.[33] EIA also forecast gasoline prices could surpass $4 a gallon in the upcoming driving season.[7] The new gasoline price eclipses the old mark of about $3.684 a gallon, set in September 2005 after refineries shut down in the wake of hurricanes Katrina and Rita, according to data from the AAA's Daily Fuel Gauge Web site.[33] Wailuku has the highest price of the three markets tracked by the AAA, with a gallon costing $4.004 Thursday. It was the first city or county in the nation to hit $4 a gallon, according to the AAA. That's not the costliest gasoline in the state.[33]

Prices are expected to go even higher ' possibly above $4 a gallon in the U.S. ' according to a report Tuesday from the U.S. Energy Information Administration, which tracks and predicts global energy trends. If that happens, Army and Air Force Exchange service prices, which use U.S. prices as a baseline, will certainly rise well beyond that mark if they haven't already.[3] As I've demonstrated, whenever I've made price projections, I've always made sure to factor in as many variables as possible. It's clear to me that the Energy Department did not do the same. Therefore, as much as we'd love to believe that gasoline prices will stop their incredible ascent at $3.60 a gallon this spring, we can't. Not only does the government's price point seem to be little more than another guess in a long line of baseless predictions, it's even contradicted by the saga that's unfolding on the global economic stage.[25] Throw in the Interstate Highway System - which came into existence at about the same time, not coincidentally - and one can easily imagine the links between higher demand and bad decision making, even if only in retrospect. Gasoline prices are indirectly tied to oil and, as such, the $3.60 line the government drew in the sand stands directly in the face of everything we know about " peak oil " and global demand. Originally proposed by Shell Oil geophysicist M. King Hubbert in the 1950s, the concept of peak oil refers to the point in time when the maximum rate of petroleum production is reached, after which this production rate endures an irreversible decline.[25] Government experts have also reported a drop in demand for gasoline, said Linda Gorman, public affairs manager for AAA Arizona. "What we are seeing now is a disconnect between market forces and prices," she said. "This further illustrates that the market is being driven by external forces as opposed to demand for gasoline," said Gorman. She said that normally oil and gasoline prices are driven by a market economy that fluctuates depending on supply and demand. "Normally in (Payson) we see the lowest gasoline prices of the year between November and February because we aren't using boutique blends and hurricane season is not a factor, things like that, but for the first time we didn't see that this year," Gorman said. She said the continued record prices are in large part due to investors flooding the oil market. "They see this (buying oil stocks and interest in oil companies) as a safe investment, and when investors flood the market, it drives the price of oil up," Gorman said. "Quite honestly, they're making a lot of money off of it," she added.[39] Summer grade gasoline is more expensive to make. Refiners try to sell off all of their winter grade fuel before the switchover, which drops supplies to very low levels. This year, the spring price spike is being exacerbated by two unusual factors: tight supplies of key gasoline blending components and record oil prices.[26]

Over the past year, the price of crude oil has nearly doubled even though oil inventories are ample, there has been no disruption in supplies, and petroleum demand in the United States, the world's biggest consumer, has leveled off in recent weeks as the economy has slowed.[31] "I just put in $5 the other day and it didn't reach a quarter of a tank," said Neves, who is in between jobs and tries to save money by sharing rides with friends. Prices are tracking the rise of crude oil, which cracked the $100 mark in mid-February and reached a high of $110.87 earlier this week.[33] April 11 (Bloomberg) -- Crude oil fell for a second day in New York on signs that high prices and a slowing economy will curb U.S. fuel consumption.[43] NEW YORK, April 11 (UPI) -- Crude oil prices gained marginally Friday after an international group predicted a fall in demand.[42] Crude oil prices rose slightly Friday in New York after running lower for most of the session.[45] Crude oil prices were up slightly at the close of floor trade on the New York Mercantile Exchange on Friday after remaining below Thursday'''s closing price for much of the session.[38]

A barrel of West Texas Intermediate crude oil traded in the $50 to $60 range on the New York Mercantile Exchange in the summer of 2005.[33] Light, sweet crude for May delivery rose 20 cents to $110.31 a barrel by afternoon in European electronic trading on the New York Mercantile Exchange.[49]

Precious metals prices were lower, with June gold was down $4.80 to $927 per troy ounce in New York as May silver fell 35 cents to $17.69 and July platinum dropped 16.90 to $2,028.10.[45] NEW YORK (AP) - Prices at the pump have risen above $3.36 a gallon, another record.[54] NEW YORK (AP) — Gas and diesel pump prices jumped to yet another record Friday, piling on the costs for motorists as well as consumers reliant on trucks, trains and ships that deliver goods to market.[5] NEW YORK (AP) — U.S. retail gas prices extended their record run Thursday, adding to the pain consumers feel every time they fill up.[26]

NEW YORK (CNNMoney.com) -- The average price of regular gasoline jumped more than a penny to a new record high, a AAA survey showed Thursday.[13]

The average price of a gallon of no-lead gas in the Philadelphia region and South Jersey rose a cent for the second consecutive day, giving the area its highest averages for the year, according to the Mid-Atlantic AAA.[41] In Philadelphia and its four suburban counties in Pennsylvania, the average pump price was up a penny from the day before to $3.26 a gallon, according to AAA Mid-Atlantic.[23] "In fact, the current market indicates that prices will continue to inch toward the $3.50 per gallon mark AAA forecasted pump prices would reach between now and Memorial Day."[18]

Oil Price Information Service, the data provider used by AAA, doesn't track prices on Kaua'i, Moloka'i or Lana'i. Lanai City Service reported selling regular for $4.71 a gallon, while Rawlins Chevron Service in Kaunakakai, Moloka'i, said its regular was going for $4.36.[33] "The fundamentals are no problem," Jeroen van der Veer, chief executive of Royal Dutch Shell, said in a recent interview. "They are the same as they were when oil was selling for $60 a barrel, which is in itself quite a unique phenomenon." He blamed the lack of spare oil production and refining capacity, and tensions in the Middle East, for keeping prices high. Citigroup became the latest bank to raise its oil price forecasts, upping its estimate of the full-year average for 2008 by 20 percent, to $96 a barrel, and boosting its 2009 estimate by 17 percent, to $88 a barrel. When the U.S. economy is weak, banks generally lower their expectations for oil prices.[31] Back in early 2002, when oil was trading at less than $20 a barrel, I conservatively predicted that oil prices would reach $100 a barrel within 10 years.[25] Late last year, when oil was trading in the range of $90 a barrel, I first publicly predicted that crude would trade as high as $187 a barrel in the next three years.[25]

On April 9 crude oil traded at an all-time record of $112.21 per barrel.[39] Crude oil futures stumbled last month after settling above $110 a barrel for the first time, sliding below $99 intraday before recovering to a record Wednesday.[35] Oil closes at new record above $110 a barrel: Crude futures earlier hit new intraday high of $112.21 as inventories fall.[25]

Crude oil futures fell as the dollar strengthened, giving investors an opportunity to collect profits from the previous session's record rise above $112.[26] On the international crude market, petroleum prices roared past $112 a barrel on Thursday. Much of the surge was due to speculative buying on the futures market as investors hedged their bets against the falling dollar.[47]

In 2004, The New York Times detailed one speculative episode in the oil markets: '''When low inventories and news of violent attacks on oil executives and facilities in Saudi Arabia drove oil futures up, speculators piled on, according to market analysts. Their buying forced crude prices up even higher, attracting yet more investors betting on a continued rise, and so on in a classic spiral.'''[30] Record-setting crude oil futures for May are pushing April gas prices up in Missouri, according to the Missouri Department of Natural Resources Energy Bulletin released today.[14] Mr. Laskoski said the latest increase in gas prices is being caused by the economy'''s souring state. He said the decline of the dollar has caused investors to put money into commodities such as crude oil, which drives up the cost.[32] Peter Clark, an associate professor of chemical engineering, said the price of crude oil directly affects the prices at the pump. He also said higher gas prices mean higher costs for necessities.[16]

Eventually gas prices have to get back on track with crude prices, and that'''s when we'''ll really get sticker shock at the pump. Refineries do have to buy their oil, even refineries owned by major international oil companies. Exxon, the biggest of the biggies, produces less than half the oil it needs to keep its refineries in business. Exxon has to buy the rest of its crude.[19]

Average monthly gas prices will peak around $3.60 a gallon in June, the EIA said.[27] California led the nation in pricey gas, at $3.75 a gallon. Hawaii and Alaska both maintained gas prices above $3.60 a gallon.[13]

New Jersey remained the only state to see gas prices below $3.10 a gallon.[13]

Across California prices at the pump average 3.68 dollars a gallon - the highest in the United States. In part this is due to the switching over from winter fuel mixtures to summer fuel mixtures. Refiners modify their fuel blend mixtures to better adapt to hot summer temperatures. As they do this, the refineries produce less gas and thus supply is diminished for a few weeks while the switch over happens.[34] The auto club predicts prices will continue to climb to $3.75 a gallon by June. '''I'''m just about to park this thing,''' said Viola Eady, as she pumped $5 into her eight-cylinder Dodge Durango SUV on Friday afternoon, her second trip to the gas station in the day. She'''s only had the vehicle five months, but she'''s avoided visiting friends as often and cut back on shopping trips to save gas, she said. Her sisters may even have to help out if there'''s going to be any big trips this summer, she said.[32] Many gas stations in Burbank were charging slightly more, with local drivers paying close to a 5-cent premium over the regional average. "Don't we go through this every summer?" said Carole Chang as she fueled her Chevrolet Trailblazer on Friday morning with regular-grade gasoline at a Chevron on East Olive Avenue and South Glenoaks Boulevard for $3.79 per gallon. "It's probably just going to get worse, so it's not like I'm stressing so bad yet."[10] The cheapest gasoline in the continental United States is in New Jersey, where unleaded regular is $3.080 per gallon.[18] There is a state excise tax of 18 cents, as well as a federal excise tax of 18 cents. There is also a combined state and local sales tax rate for Siskiyou County of 7.25 percent, which, assuming this rate is applied to gasoline sales, comes to about 28 cents per gallon at recent prices.[46] Stewarts Shops Corp. gasoline manager Mike Bombard estimates that about 60 cents per gallon of gasoline tends to go to local, state and federal taxes, depending on the base cost of gas.[6]

Cross also stated that 95 percent of Northern California's gasoline supply comes from Chico, which is 175 miles away. He added that this extra distance figures into the retail price because of the further cost to distributors to haul it here. He said, 'What most people don't realize is that diesel prices are over four dollars a gallon and that gas is delivered to Northern California with diesel rigs.' Taxes are also factored in to the retail price of gasoline.[46]

Absent the introduction of proven alternatives to gasoline, we're entering an era in which a pump price of $3.60 a gallon is going to be looked back on as a bargain. While it's going to be a painful period, investors who view this as an opportunity may well find ways to take the sting out of escalating energy prices.[25] FUEL PRICES approaching or exceeding $4 a gallon are only going to exacerbate consumers "pain at the pump." These prices will only make an already existing condition worse.[17] Diesel prices passed $4 a gallon in every European locale March 22, and remain above that mark despite two weeks of modest price declines. In the Netherlands, where fuel is so costly that AAFES sets its prices just high enough to break even, all fuel grades are above $4 a gallon for a second straight week.[3] Colassim stops in Bow every day to fill up about $500 worth of fuel where diesel prices are still less than $4.00 a gallon.[5]

Last year, the price topped out at $3.38 a gallon before Memorial Day weekend.[4]

Not surprisingly, the lion's share of new demand is coming from the developing world, with China and India leading the way. China, which imports 55% of its oil, is on track to double consumption within 10 years, while India is expected to triple its oil usage in the same period to more than 5 million barrels a day. Where this gets really interesting is that any number of factors that would reduce supply don't appear to be included in any of the generally accepted equations. The growth rates in both China and India alone are fast enough and the countries large enough that they could potentially negate any savings we see in this country from higher prices.[25] From 2002 to 2006, even as oil prices tripled, global oil production kept up with demand by increasing 7.6 million barrels a day to 84.6 MBD. There are some supply constraints, but these mainly stem from U.S. foreign policy.[30]

U.S. refineries, which were running at 83 percent of capacity, produced 8.9 million barrels (374 million gallons) per day of gasoline last week. That compared with average gasoline demand during the past month of 9.18 million barrels per day.[22] U.S. implied fuel demand averaged 20.5 million barrels a day in the past four weeks, down 0.4 percent from a year earlier, the Energy Department said.[43]

The four-week average of implied U.S. fuel demand was less than last year for the 10th straight week, the Energy Department reported on April 9. Gasoline use may drop this summer for the first time in 17 years, the agency said.[43] The EIA also said gasoline and distillate supplies — which include diesel fuel and heating oil — fell more than expected last week, although analysts said gasoline inventory levels remained healthy. "Gasoline inventories are higher than the historical average at this time of the year, and gasoline fundamentals are actually weakening in the U.S., so there is really no need to worry about supply being too tight," Shum said.[53]

Saudi Arabia is the world's largest oil exporter. The EIA said in its Short-Term Energy Outlook on Tuesday that U.S. oil demand in the first quarter fell by a steep 480,000 barrels a day from a year earlier. That was the biggest drop in any quarter since the fourth-quarter 2001, following the Sept. 11, 2001, attacks on the U.S. Second-quarter demand, in comparison, is expected to fall year-on-year by just 80,000 barrels a day - despite unusually sluggish gasoline demand.[35]

Supporting oil prices was the release of a gloomy report by the International Monetary Fund Wednesday that said the U.S. is headed for a recession, dragging world economic growth down along with it. "Normally with bearish economic data you would see oil pricing drop, but these days the trading relationship is: bad economic news means bullish movements in oil," Shum said. Financial markets interpret grim news as indications that the U.S. Federal Reserve will further cut interest rates, which would drive the U.S. dollar down, he said.[53] "The flow of investment money into commodities has contributed to crude oil price volatility." The EIA acknowledged "significant uncertainty" in its oil price projections, noting that unexpected supply disruptions due to conflict in oil-producing nations, unusual weather or refinery outages could send prices spiraling sharply higher. "Prices can fall as rapidly under a different set of circumstances, such as easing of geopolitical tensions or further weakening of U.S. and world economic growth," the EIA's report said.[27]

As the price of oil continues to rise, more Americans are worried about the state of the United States' economy. A report issued this week by the International Monetary Fund (IMF) predicted that there is a 25 percent chance that world economic growth could fall below three percent this year and next, producing an economic state "equivalent to a global recession." The IMF warned that it's highly likely that the American economy will slip into a "mild recession" this year. Perhaps all of this concern and worry on the part of Americans is best conceptualized in a recent survey done by the Pew Research Center.[34] High prices, however, are hurting demand, which fell last week by nearly 2 percent from year-earlier levels, according to the EIA'''s weekly inventory report. '''People are cutting back on gasoline purchases because the economy is squeezing them right now,''' said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago.[6]

"And it still hurts." Montgomery declined to speculate how far prices might climb with nearly three weeks left in April, but several gas stations in Glendale already had their per-gallon prices for premium gasoline above $4, with the lower grades not far below.[10] Gasoline prices inched up across the Tri-Cities by an average of 4 cents last week, leading to more record-setting prices at area gas pumps.[11]

The automobile club's data shows Hawai'i's statewide average is still lower than California's, which leads the nation with an average regular price of $3.767. That's little solace to Neves, who thinks twice about driving to Honolulu, given his limited gasoline budget.[33] The annual average WTI price, which was $72 per barrel in 2007, is projected to average $94 per barrel in 2008, but ease to about $86 per barrel in 2009.[7] Today, prices have not moved much and remain steady as the markets opened at $110.70 while recording a high of $110.99 per barrel and a low of $110.41 per barrel.[20]

In that year, the average price paid to producers was $68.50 a barrel.[47] In Michigan, Marquette had the highest average price for a gallon of unleaded at $3.51 while Detroit was the lowest at $3.39, Cain said.[24] What might be the nation's lowest price is a mere $2.95, found in Linden, N.J., hometown of Major League Baseball infielder Eddie Kasko. Again this week, New Jersey has the nation's lowest statewide average price of $3.094 while California has the nation's highest, at $3.767.[8] Chico has California's lowest market average price at $3.602, the AAA says. That's about a nickel higher than last week's lowest average, which was in Orange County.[8]

The national average price also went up a cent overnight, to $3.37, which also marks a highest for 2008 as well as the highest all-time average.[41] The average price per-gallon for regular unleaded in Payson is about $3.30.[39] The average cost for regular unleaded rose to $3.357 a gallon, up 1.4 cents from the previous day.[51] Nationwide, the current average is $3.357 per gallon, an increase of nearly seven cents from the previous week.[18] If you thought it was bad this week when gasoline hit $3.21 per gallon, an all-time high in Tennessee, take a deep breath and hold onto your wallet.[32] Some regions are likely to see $4 per gallon gasoline, the agency said.[2]

With Rep. Dingell's plan in place, the average cost would jump to $4.48 per gallon.[17]

Gasoline rose to $3.15 a gallon on average in Texas, but Texans still used 2.5 percent more than the prior year.[29] Mid-graded gasoline is at $3.587 a gallon in the state, up nearly 65 cents from $2.943 a year ago while premium averaged $3.731 a gallon, up 67 cents, or 22.3 percent.[24]

In February, as regular gasoline hit $2.93 a gallon on average in Texas, the average Texan used 39.12 gallons, down 0.8 percent.[29]

AAA Alabama's daily survey shows the price for regular is unchanged from Thursday at $3.26 a gallon.[55] Madeja projects that gas prices in South Dakota will peak at $3.50 a gallon.[4] California continues to lead the nation in pricey gas, at $3.767 a gallon. Hawaii and Alaska both maintained prices above $3.60 a gallon.[12]

Consumers pinched by the increase are more likely to ride a bus, but for every penny gas prices go up, CARTA pays another $5,000 a year, said Tom Dugan, CARTA executive director.[32] AAFES gas prices in Germany and the United Kingdom will break into record territory again Saturday, adding roughly 4 cents a gallon to all unleaded grades. That's only part of the bad news.[3] California gas prices continued setting new daily records over the past week, increasing by more than a penny a day in most locations, according to two separate price surveying organizations.[8]

VIENNA, Austria (AP) — Oil prices slipped Thursday after settling at a record high a day earlier on an unexpected drop in U.S. crude inventories.[53] In addition to the tracking company, the U.S. economy is crippling crude demand as there already exists a recession. While the U.S. dollar is gaining its strength against major currencies, oil prices are retreating giving way to the stronger greenback.[48] Soon enough, crude oil will start to slip again as demand remains crippled by the U.S., which is the world's largest crude oil consumer. While growing fears of a global broad slowdown and added losses from the housing crisis according to the IMF is to reach $1 trillion which ignited fears again and if all to be true oil must resume to its fundamentals yet will remain relatively elevated according to its historic levels as long as the dollar remains very weak.[20]

In 2002, Penn Grade crude oil producers were paid an average of $22.25 a barrel. That resulted in a 2002 production figure for Pennsylvania of about 2.2 million barrels of Penn Grade.[47] Crude oil's recent run above $100 a barrel has been largely attributed to the steadily depreciating greenback.[21]

A decline in U.S. crude and gasoline inventories drove the crude prices to $112.21 on Wednesday. [50] The spike is due in part to speculators in the futures market who have jumped into oil as a safe harbor during the meltdown of the financial markets ''' and to make a lot of money. The more concerned they become about the U.S. ''' the world'''s largest oil consumer ''' heading deeper into recession, the less willing they will be to bet up the price of crude.[19] There are a lot of reasons why gas prices have been shooting up - increased demand from China and India, increased speculation in the oil futures market and the dollar's falling value, experts say.[4] Theoretically, that should bring prices down. So far this year, gas and oil prices have shown little inclination to fall in response to eroding demand.[23] NEW YORK (Dow Jones)--The traditionally weak second quarter in the oil market is expected to track its familiar course this year: higher prices and lower demand.[35]

Theoretically, that should bring prices down. So far this year, that hasn'''t happened. With gasoline supplies shrinking and the summer approaching ''' when demand, while weaker than last year, will be stronger than it is now ''' consumers may have to wait until this fall for price relief.[6]

"When demand is up, prices are generally up." She said AAA has found no indication yet that Michigan motorists are starting to cut back their driving. "But, we are seeing people being more aware of gas prices," she said. Cain also indicated the state's tourism may face some problems this summer due to high fuel costs. "We think we'll see people being more economically minded when they travel," she said. "They are going to travel less distances on vacations and stay closer to home."[24] Gas is certainly going to have an impact,''' Mr. Laskoski said. In a survey of AAA members, four out of 10 said high fuel prices will cause them to alter their vacation plans. Half of those said they will take trips closer to home. In Chattanooga, where the tourism industry depends on day-trip visitors from the tri-state area, news that consumers may cut back on gasoline use is both good and bad news, said Bob Doak, CEO of the Chattanooga Area Convention and Visitors Bureau.[32]

"We don't have any evidence that there is a particular price point at which people are going to drastically stop using gasoline," said Laurie Falter, an oil industry economist with the Department of Energy's Energy Information Administration. "I can't say, 'Oh well, it went up 10 cents, so I'm not going to work anymore or the kids can't go to school,' " she said.[29] The AAA and Oil Price Information Service report a rise of eight-tenths of a cent overnight.[55] The increased demand from India and China has strained the market, as well, Clark said, which causes crude oil prices to rise.[16] Crude oil prices are up because of the weak dollar and the increasing demand worldwide, especially in Asian countries.[50]

Hackett said prices generally rise more slowly in Hawai'i because of consumer resistance to price hikes, but also come down more slowly after crude oil prices recede.[33]

Since mid-February it has traded in the $80 to $110 range, according to Bloomberg L.P. data. It remains to be seen how much more prices will rise in Hawai'i as the higher crude prices work their way through to consumers.[33]

Diesel prices in Michigan are nearing the record of $4.247 a gallon, set March 21, 2008. [24] Retail diesel prices rose 2.1 cents to $4.066, topping the previous high set a day earlier.[5] Brent crude rose 61 cents to $109.08 a barrel on the ICE Futures Exchange in London. Associated Press Writer Gillian Wong contributed to this report from Singapore.[53] Brent crude for May settlement was at $108.29 a barrel, up 9 cents, on London's ICE Futures Europe exchange at 3 p.m. Singapore time.[43]

Natural gas futures rose nearly more than 14 cents to $10.20 per 1,000 cubic feet.[53] In other trading yesterday, May natural-gas futures rose 35.9 cents to settle at $10.056 per 1,000 cubic feet.[23] Gasoline for May delivery also closed slightly more than 2 cents higher per gallon in futures trading, as the supplies fell.[22]

Natural gas futures slipped by 19.7 cents to settle at $9.901 per 1,000 cubic feet.[5] Natural gas futures slipped by 19.7 cents to $9.901 per millon British thermal units.[52] Natural gas futures slipped by more than 5 cents to $10.043 per 1,000 cubic feet.[21]

Regular gas, the cheapest fuel available to U.S. forces in Europe, nudges 4.2 cents higher to $3.499 a gallon. It is sold only in Germany.[3] According to AAA, Lafayette's average for a gallon of gas is $3.27. That's a record high and drivers are looking for help.[56] The government had previously estimated that average monthly prices would peak near $3.50 a gallon.[27] Currently, gas prices across the nation average around 3.33 dollars a gallon. Along the West Coast in places such as California, even higher gas prices exist.[34] Earlier Thursday, AAA had mistakenly reported an incorrect average gas price. Gas prices are up 20% from what they were last year.[13] According to the survey a majority of Americans say that in the past five years, "they either haven't moved forward in life (25 percent) or have fallen backward (31 percent)." "At the same time" researchers said, "two-thirds say they have a higher standard of living than their parents had." All told, Americans across the nation will have to suffer through a summer of sky-high gas prices and a potentially faltering economy that may have long lasting effects not only on their pocketbooks, but on the wallets of people all across the world.[34]

The EIA report underscored the difficulties refiners are facing, despite high gas prices. Refiners have to buy the crude they process into fuel.[27] High fuel prices, in turn, and the U.S. economic slowdown are expected to reduce U.S. consumption of petroleum by about 210,000 barrels per day in 2008, according to EIA.[1] " The darkest part of the night was February, March was better and April has begun strongly," said Paul Horsnell, analyst at Barclays Capital in London. He said the first sign of April gasoline demand is holding up well, in the face of record high prices, which were up 40% year-on-year in January, but are only up by half that level now. Horsnell said in a report he believes year-on-year changes in U.S. gasoline demand are "strongly influenced" by year-on-year price changes, and thus the slowdown in the pace of the price rise implies that "demand might yet prove to be stronger this quarter than is generally expected."[35] Surprisingly, experts say record high gasoline prices aren't necessarily the reason for conservation here and across the country. It's mostly the weak economy and baby boomers trading in their SUVs for smaller cars as their children leave home. That means some conservation might become permanent. Once the economy improves, people could return to their old driving habits.[29] Feeling the gas price crunch? Have higher gasoline prices made you change your commuting habits, cut down on driving or rethink your travel plans? If so, we want to hear about it.[29] Gas prices are forcing consumers to dig deeper in their pockets to fill up their vehicles, causing both work commutes and recreational driving costs to increase rapidly.[50]

Gas in the area costs more than it did a month ago when it was $3.054 and significantly more than a year ago when it averaged $2.624 a gallon.[50] Gas has increased by about $2 a gallon. That is an almost $300 billion a year tax on consumers and businesses.[30]

In the three suburban counties in South Jersey, the average yesterday was 2 cents higher than Tuesday at $3.07 a gallon. A year ago, the average in those five Pennsylvania counties was $2.78, and it was $2.57 in the three South Jersey counties.[23] Next year, the EIA expects oil to average $92.50 a barrel, up from a previous projection of $86.[27] As the dollar drops, oil-producing countries demand more dollars per barrel. Another inflationary factor is the federal budget deficit, which has doubled under Bush'''s watch, and the trade deficit. To balance these deficits, the United States needs an inflow of nearly $1 trillion a year.[30] Wild swings are now the norm in the oil market, with a barrel often fluctuating by five dollars or more a day. The same phenomenon is affecting grain markets, where price swings in a few days are greater than used to happen in a year.[30] A weakening dollar attracts investors to commodities as a hedge against inflation, but when the dollar rises, the effect tends to reverse as oil also becomes more expensive to investors overseas. More negative U.S. economic data also appeared to have taken steam out of oil's precipitous price rise this week.[21] Oil prices also edged higher in a late-day push, but remained more than $2 below an all-time high set earlier in the week.[5] Oil surpassed $110 a barrel again Friday after slipping back from record highs midway through the week.[49] The decline in crude stockpiles pushed crude up $2.37 to settle at a record $110.87 a barrel on Wednesday. It rose as high as an intradat record of $112.21 a barrel during Wednesday's floor session.[53] Light, sweet crude for May delivery rose 3 cents, or 0.03%, to finish at $110.14 a barrel.[57]

Front-month May gasoline rose 1.52 cents, or 0.5%, to settle at $2.8073 a gallon.[57] Nymex natural gas for May delivery rose 4.2 cents to settle at $10.098 per 1,000 cubic feet.[26] May natural gas contracts dropped 20 cents to $9.90 per million British thermal units.[38]

Among base metals, May copper added 2 cents to $3.94 per pound in New York, while three-month copper was $32 higher to $8,650 per tonne in London.[45] The average price of gas in any region of New York state generally exceeds the average national price because New York places more taxes on gas than most other states.[6] At the time, the state was under a gas-cap law that set maximum wholesale prices based on prices in Los Angeles, the Gulf Coast and New York.[33]

Tom Bergin, a spokesman for the state Department of Taxation and Finance, said 32.75 cents of the total cost of any gallon of gasoline sold in New York is collected as state taxes. Counties impose additional sales taxes of their own, and there are also federal taxes to pay.[6]

Gasoline and diesel prices were higher again in the United States, with diesel reaching another new record.[38] Home ':' News ':' White Mtn. Across the state and country, motorists are feeling more pain at the pump as fuel prices continue their record run for the eighth consecutive week.[18] The record pump prices have also been supported by high crude prices as shrinking profit margins cause refiners to pull back on production. United Parcel Service, a major shipping company, reduced its first-quarter earnings predictions because of the high price of fuel.[13]

The market has changed and crude oil prices now have a greater influence over prices at the pump.[33] Concerns of tight supply of crude oil are filling the market as the U.S. reported a decrease in crude inventories causing the boost in prices we witnessed.[20] New York: Crude oil may fall this week as imports increase and U.S. refiners operate at below-average rates, bolstering inventories.[40] In Nymex energy trading, crude oil futures stalled after a week of strong gains Friday, closing flat as traders squared their books ahead of the weekend.[57] SAN FRANCISCO (MarketWatch) -- Crude-oil futures ended Friday's trading almost flat. It was mostly trading lower during the session as an international agency slashed its world oil demand estimate, three days after a U.S. energy administration projected lower demand for petroleum products in the country.[44]

U.S. second-quarter oil demand is expected to rise 280,000 barrels a day, or 1.4%, from the first quarter. If those projections hold true, then the worst of the U.S. demand slump may be past[35]

Prices were also weighed down by the U.S. dollar's recovery from an earlier low against the euro and its rise against the pound. Comments by Nobuo Tanaka, head of the International Energy Agency, also added "a bearish note," said Vienna's JBC Energy, alluding to his forecasts of a more balanced market amid softening demand.[21] "The shift in consumer behavior might be temporary, indicating a resumption of stronger-then-projected demand when the current recession ends, even if the higher prices were to persist," a new report from the Energy Department said. "This has happened in previous instances when prices rose substantially for extended periods of time."[2] Prices slipped the next day, however, after a report from the tanker tracking firm Oil Movements indicated shipments from the members of the Organization of Petroleum Exporting Countries actually rose last week. (c) 2008 Newsroom.[49] Oil prices also were pressured Thursday by data from tanker tracking firm Oil Movements showing that OPEC oil shipments rose last week. That suggests more supplies might soon come to market.[26]

The Energy Information Agency found that last week oil supplies in the United States were down 3.4 million barrels.[34] The U.S. Energy Information Administration's inventory report, closely watched by the market, showed Wednesday that crude stocks fell 3.2 million barrels last week.[53] The nation's stockpile of crude fell to 316 million barrels in the week ended April 4, said the U.S. Energy Information Administration, down 3.2 million barrels on the week.[7]

"Imports have been somewhat erratic. I would say this one week's result is not a trend," Shum said. "It might be compensated by a large import next week." Vienna's JBC Energy, in its daily newsletter, also suggested the price spike was an overreaction, noting that "at 316 million barrels, stocks are perfectly in line with the 5-year average."[53] Total motor gasoline inventories decreased by 3.4 million barrels last week, and are above the upper limit of the average range. Both finished gasoline inventories and gasoline blending components inventories decreased last week. Distillate fuel inventories decreased by 3.7 million barrels, and are in the lower half of the average range for this time of year.[48]

A month ago, regular unleaded gasoline averaged $3.19 a gallon in Michigan and a year ago it was $2.77 a gallon. [24] Nationwide, $3.35 is the current average for gallon of regular unleaded.[39] Regular unleaded, meanwhile, jumped 4.2 cents to $3.397 a gallon in South Korea.[1]

On Guam, it went up 5 cents a gallon, to $3.439. Diesel is the only grade to drop ' last week, 0.9 cents ' in both Japan and South Korea, to $3.76 and $4.02 a gallon, respectively.[1] In San Diego, the price is $3.754, which is 7.9 cents higher than last week's price.[8]

Hilo's price was higher, but not as close to a new high. Its $3.705 average was less than the $3.773 high reached in September 2005.[33] Topping the list is Norway, with prices for super unleaded (95 octane) at $8.35 a gallon.[32] In South Jersey, the price averaged $3.09; a year ago, it was $2.58.[41] The highest recorded price for regular unleaded here was $3.66 on May 26, 2007.[37] The AAA's prices are market averages for self-serve regular grade (87 octane) gasoline. They are calculated from credit card purchases.[8] Nationally, gasoline prices are reaching record levels and all three local markets tracked by the AAA have been increasing.[33] Gasoline prices are subject to competitiveness on the retail level. That'''s why I'''m pretty convinced our gasoline prices will get higher before they go lower. Lately, refiners have been paying high prices for their crude and getting low prices for their gasoline. They call it the '''crack spread.''' Some refiners have had days this spring when they'''ve actually operated at a loss. That can'''t go on forever.[19] Gasoline prices in Michigan are rising as fast as the temperature in the desert on a midsummer day, scorching our fingertips as we reach for our wallets to pay for a tank of fuel.[24] Recently, my patients have begun to describe a condition which seems to defy traditional medical diagnostic procedures. Some describe feeling a "lighter sensation in their wallets." Others complain about having to "dig much deeper into their purses." Complain that the sight of a dashboard fuel gauge approaching "empty" brings them great physical and mental discomfort. After consulting all available medical literature, there is only one conclusion to make: All of these patients are experiencing the classic symptoms of "pain at the pump," a condition brought on by extremely high gasoline prices.[17]

Consumers saw gasoline prices rise 32 percent during the first quarter while personal income was up less than 1 percent, the federal agency said.[22] Typically, gasoline prices do rise during the spring and summer as travel increases.[51]

High prices could cause a backlash. In the EIA's report, the organization also predicted that demand for gasoline this summer would fall, which would likely force prices back down.[28]

The federal government agency that tracks energy usage information, the Energy Information Administration (EIA), which is run by the Department of Energy, says the national average could reach as high as $4 during the summer vacation driving season.[28] West Texas Intermediate crude, or the underlying product of the Nymex crude futures, is expected to average $102 in March, EIA said in the report.[7]

We have definitely felt it in increased costs of some of the oil-based products like the asphalt we use," Randall said. He said that so far he hasn't increased his customer prices, but is unsure if he will in the future if gasoline continues to rise.[39] Eleven of the respondents, or 39 per cent, said futures will rise and two forecast that prices will be little changed.[40]

Fifteen of 28 analysts surveyed by Bloomberg News, or 54 per cent, said prices will drop through April 18.[40]

Prices have set a string of records in recent weeks and are 56 cents higher than a year ago.[26] The Commerce Department reported the first decline in oil imports in a year — a clear sign that high prices and an economic downturn were hurting crude sales.[53] By increasing the world supply of oil and gas with our own existing resources, we could utilize the laws of supply and demand to bring the price of fuel down.[17] Just last week the California Energy Department released startling numbers that show prices for gas are increasing even though the demand since January has decreased.[34]

As long as there is dampened demand by the world's largest crude consumer the U.S., prices will continue to slip like the fall we are witnessing today.[48] The U.S. dollar strengthened against the euro and the pound, which also helped keep crude prices from overheating further.[5]

More negative U.S. economic data appeared to have taken some of the steam out of oil's precipitous price rise.[53] The spiraling oil and gas prices are ramping up exploration, drilling and production in the birthplace of the oil industry.[47] Fuel consumption will rise again in 2009 if the economy recovers and gas prices ease.[29] Even as consumers grouse, however, South Carolina gas prices remain among the cheapest in the nation, according to AAA Carolinas.[50] While motorists may feel helpless to control the macroeconomic forces that push gas prices, market analysts say consumers can do several things to cushion the impact on household budgets. For starters, they say, drivers should shop around.[10]

YREKA High gas prices have been weighing down on the entire country, and Siskiyou County residents have long wondered why local prices are consistently higher here than in other places. According to the Department of Energy(DOE), many factors affect the retail price of gasoline, and these factors vary from region to region. Prices in California, Oregon and Washington are generally higher than prices in the rest of the country because they are further from the largest supplier of gasoline on the Gulf Coast.[46] Gas prices have hit another record and that has some drivers searching for any relief they can get.[56] As summer break approaches, some students are wondering how high gas prices will get and what can be done to reduce the financial burden.[16] Your car will get better mileage if your tires are fully inflated. Hopefully these tips can help drivers save because experts believe to see historic gas prices this spring and summer.[56]

Oil prices also have an impact on other areas of the car besides the gas tank.[2] Things are not that simple. Oil and gas are two different commodities ''' kissing cousins, to be sure ''' but each with its own set of market conditions that influence its prices.[19]

A AAA spokeswoman says there's no end in sight to higher gas and diesel prices, especially as Michigan motorists enter the peak driving season.[24] The rising price of diesel fuel, which is used to operate most heavy vehicles, has been driving up costs for businesses and other organizations that rely on trucks and busses.[12] More than a dozen states, led by California, are trying to impose tough new greenhouse-gas emissions rules on cars that could raise the price of cars and the cost of driving.[2]

With diesel above $4 a gallon, businesses are passing the costs through the commodity chain to consumers (and truckers). [30] With diesel above $4 a gallon, anything delivered by truck, which is pretty much everything, costs more.[30]

Premium remains at $3.59 while diesel fuel rose two-cents to $3.95 a gallon.[55] Diesel averaged $3.848 a gallon last month and $2.908 a year ago.[13]

Germany pays $8.17 a gallon and the U.K. pays $7.94 a gallon. That same octane sells for $3.70 a gallon on average in the United States.[32] South Carolina came in third at $3.206 a gallon, with the Upstate metro areas boasting even less expensive gas.[50]

As prices reach the ominous $4 mark, Mr. Doak said all predictions could be cast aside.[32] Since the Fed started slashing rates last September, the dollar has plunged against the Euro, oil has risen by nearly $30 a barrel (and gold by some $300 an ounce).[30] Many analysts place most of the blame for oil's run above $100 in recent months on the steadily falling dollar. The effect reverses when the greenback rises, making commodities such as oil a less effective hedge against inflation.[26]

Many oil experts point to big hedge funds, investment managers and pension funds, which are pouring money into commodity markets. The custodians of California's main public-employee pension fund, CalPERS, decided in December to more than double the amount of money invested in a commodity index fund, to $1 billion this spring. Though that's a small portion of the fund's assets, the figure is still significant; by 2010, the fund could boost its commodity stake to as much as $7 billion. The fund said that about 65 percent of those holdings would be in energy. "It is the vision of our chief investment officer, Russell Read, who believes that in the coming decades natural resources are going to be where the action is," said Clark McKinley, a CalPERS spokesman.[31]

You don'''t have to be a math whiz to see that $100 oil could translate into $4.60 gasoline.[19] Crude oil, the main ingredient in gasoline, fell Thursday, but remained close to record levels.[26] Sen. John McCain ( Ariz. ), the presumptive Republican presidential nominee, backed Sen. Byron L. Dorgan (D-N.D.) in calling on the Bush administration to suspend additions to the Strategic Petroleum Reserve, which is currently taking about 70,000 barrels a day of high-quality crude oil off the market.[31] State data show Pennsylvania oil wells put nearly 3.8 million barrels of crude into the marketplace in 2007.[47] The two rivals for the Democratic nomination, Sens. Hillary Rodham Clinton (N.Y.) and Barack Obama (Ill.), had already endorsed Dorgan's proposal. That would help, oil experts say, but it would be a drop in the bucket in a world where consumers use about 87.5 million barrels a day.[31] The International Energy Agency said daily demand would drop by 460,000 barrels to 87.2 million barrels a day during 2008. It was the largest prediction of consumption declines the agency has made in seven years, The Wall Street Journal reported.[42] The latest Energy Information Administration data suggests that world wide consumption will increase 37% by 2030, which puts demand at staggering 118 million barrels a day.[25] Analysts surveyed by energy information provider Platts had been looking for an increase of 2.7 million barrels.[7]

The U.S. Energy Information Administration said yesterday that in the final three months of last year, gasoline consumption dropped for the first time since the 2000 recession. The 0.4 percent drop was topped by a 0.6 percent drop in the first three months this year.[22] There is new evidence indicating that growing concern over the U.S. economy will lead more Americans to scale back on the purchase of new cars this year. New-vehicle sales in 2008 are expected to drop to their lowest levels in over a decade, according to a March report from J.D. Power & Associates. Sales of new cars and light trucks are predicted to drop to 14.95 million this year, the lowest figure since 1995. This figure is down from an earlier forecast of 15.7 million.[2]

Most grades of fuel at U.S. military bases in the Pacific climbed 4 to 5 cents a gallon Saturday, to new record highs.[1] For most vehicles, traveling more than 60 mph uses significantly more fuel, according to a AAA report. Every 5 mph over 60 mph that drivers press their cars works out to an additional 20 cents per gallon they pay at the pump, the report found.[10] Across the lot at the Hummer dealership, a sign on the door touts the fuel efficiency of the new Hummer H3: 20 miles per gallon.[29] The shift from an SUV to a minivan adds a few miles per gallon to a family's fuel efficiency.[29]

Today, the market opened at $110.06 while recording a low of $109.49 per barrel and a high of $110.08 per barrel. [48] The contract dropped 76 cents to settle at $110.11 a barrel on Thursday.[21] May contracts for wheat in Chicago were also lower, dropping 26 cents to $8.96 per bushel.[45] CBOT May corn was 10 cents lower to $5.84 per bushel while May soybeans were down 23 cents to $13.32 per bushel.[45]

Natural gas for May delivery fell on profit-taking and finished at 19.7 cents, or 1.95%, lower at $9.901 a million British thermal units.[57] In earlier trading, it had risen as high as $112.10, just 11 cents off the intraday record set on Wednesday.[53] The previous statewide record of $3.684 was set on Sept. 18, 2005, because of gasoline shortages in the wake of hurricanes Katrina and Rita.[33]

Light, sweet crude for May delivery fell $0.77 to $109.26 at midday on the New York Mercantile Exchange.[55] Goldman also said it sees the tight global market for middle distillate fuels, like diesel fuel, easing soon as arbitrage trade evens out supplies. The market is only tight in a few key regions, such as New York Harbor and Amsterdam-Rotterdam-Antwerp, helped by late winter-weather-related demand.[35] Refineries also have been closed and nobody has picked up that fuel production capacity. "What does that do? That lowers the supply and with supply being low and demand high, they can charge us higher prices." He said oil companies must be allowed to explore for new oil fields in the United States, and, "we also have to force oil companies to build more refineries in this country, which would raise production and lead to lower costs."[24] FOURTH, WE should encourage the construction of new refineries in the United States. It does little good to increase our use of domestic supplies of oil if we do not have the refinery capacity to quickly convert this fuel into a form usable in the market place.[17]

"For the last 15 or 20 years, we've had environmentalists saying we can't explore for new oil in the United States.[24]

LaLonde also blamed environmentalists for the predicament the United States is in with the nation being so dependent on foreign oil. "The cost of gas is based on supply and demand," he said.[24] If we could drill for more oil and natural gas off the coast of the United States or in the Rockies or Alaska, it could add to our ability to be less reliant on foreign energy sources.[17]

Johnson blamed the Bush administration and Republicans for refusing to go along with the Democrats' plan to shift tax breaks from the oil and gas industry to the producers of alternative energy. Last month, Johnson signed a letter to President Bush, asking him to increase fuel supplies in the short term by suspending the Energy Department's program to buy oil on the open market to fill the Strategic Petroleum Reserve.[4]

The price of wheat has skyrocketed, boosted by the weak dollar, falling supplies and speculation. There is also a global shortage of soybean oil, pushing up its price.[30] When many more dollars are competing for a slowly growing pile of goods and services, the inevitable result is rising prices. An example of how this works is the link between rising oil prices and the Fed'''s interest rate cuts.[30] "If expectations hold for the Federal Reserve to cut rates aggressively again and the buck continues to slide, speculative interests will continue to buy as an inflation hedge," said Fitzpatrick. Paper contract traders, which are different from oil traders that use or produce the oil, piled up their bets on rising oil prices for five consecutive weeks through March 18. They then suddenly dumped their bets to less than half of the recent high in the following weeks, pushing oil prices lower.[7]

There are clear fresh indications that the Organization of Petroleum Exporting Countries isn't troubled enough by record high oil prices to open the taps.[35] "Contrary to recent fears that the commodity up-cycle is dead, we still see support to near-term oil prices from the lack of a material supply response and no downturn in demand," said Citigroup analyst James Neale, in a research note released Thursday.[7] "There is a disconnect between the price of oil right now and what the data is telling us in terms of demand slowing down.''[43]

"There is no question that the continued strength in oil prices continues to challenge perceptions of what constitutes a'sustainable' level," Citigroup oil analyst Doug Leggate said in a report.[31]

Manager Bob Mykleby said that because corn is being used more and more in the production of ethanol, it has caused food prices to climb. "Oh yeah, it's driving up prices across the board," Mykleby said. "I can't say off the top of my head where those specific increases are, but there have been (price increases) throughout the store." Owner of Payson Concrete, George Randall, said he has felt the impact of higher than expected gasoline prices. "Oh yes, it's going to affect any business. [39] Gasoline prices tend to be higher on the West Coast and in certain Northeast states.[2] At the Chattanooga Area Regional Transit Authority, the rise in gasoline prices is a mixed bag.[32] Again, the car switch often has more to do with economics and demographics than gasoline prices. "It doesn't make any difference what the price of gasoline is, people are choosing smaller vehicles. That doesn't mean small that means smaller than what they had," said George Pipas, an analyst for Ford Motor Co. He identified two large groups of people who are ready to buy smaller cars.[29]

Analysts say alkylate, an ingredient critical to the manufacture of summer grade gasoline, is in short supply and will push prices higher.[26] The higher costs across the Pacific region reflect stateside prices, since AAFES uses a market-based pricing policy. Pacific motorists should brace for even higher prices this summer if stateside projections hold true.[1] The surge in price may affect the ability of some to hit the road for a summer vacation. "I wouldn't be able to go anywhere this summer," said Skeens, referring to the expected summer price increase.[28]

Experts predict prices will rise even higher as peak summer driving season approaches.[26] The reason for the initial rise is attributed to supply and demand ''' a pest outbreak in Vietnam, low global stocks, the biofuel boom, rising demand from growing affluence. Speculation is driving these price leaps, too.[30] With the instability in the Middle East and the world's rising energy demand, the prices are likely to continue to rise.[28]

While high prices are damping demand in the U.S., petroleum consumption remains strong in China, India, Russia and the Middle East, the EIA said.[27] Prices should "fall (this) week as we expect to see an upward correction in the U.S. crude-oil stocks linked to the fog delays," said Oliver Jakob, managing director of Petromatrix GmbH in Zug, Switzerland.[40] Crude oil may fall next week as imports increase and U.S. refiners operate at below-average rates, bolstering inventories.[43] The unexpected drop in crude oil inventories by the U.S. was the major ground for why crude gained so much yesterday. This rise should only be temporary as the U.S. still has weak fundamentals which show that the U.S. is still in recession.[20] Crude oil's recent run has been largely attributed to the steadily depreciating U.S. currency.[5]

Even if crude were to fall to $80 on Monday, refineries are still going to be processing that $100 a barrel stockpile for a while. [19] Crude stockpiles had been rising for four consecutive weeks since the week ended Feb. 29, a factor keeping prices lower in the previous three weeks.[7] Prices fell Thursday. Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Ill., said the tepid performance later in the week was the result of traders looking to lock in their gains before the weekend. "The main thing I see is just profit-taking after we ran things up to a record high," he said.[5]

"When we order gas, the price is based on what is happening on the futures market (NYMEX)," said Fouch.[28] Much of Europe pays drastically higher prices for gas, according to the German Web site www.benzinpreis.de, which tracks gas prices worldwide.[32] '''What we'''ve found is that when gas prices go up, travelers postpone longer trips.''' Which could mean that nearby travelers will pick Chattanooga as an alternative, he said.[32] "In our area, it would take something of a cataclysmic nature to see gas prices go that high - like a refinery outage or rising geopolitical tensions in the Middle East," Madeja said.[4]

California's price has gone up 8.8 cents since last Friday while New Jersey's has increased 4.8 cents, the auto club says. [8] Fifteen of 28 analysts surveyed by Bloomberg News, or 54 percent, said prices will drop through April 18.[43] The price is up 72 percent from a year ago, the second-biggest gain among 19 commodities, trailing only wheat, which doubled in price.[14]

"We do think prices, particularly for self-serve regular, are going to continue to go up," AAA fuel price analyst Geoff Sundstrom said.[5] The rising price of diesel fuel has been a major concern for workers in the trucking industry.[13]

The Environmental Protection Agency has altered the way the fuel efficiency of 2008 model cars is calculated. The agency set new miles-per-gallon ratings for 2008 to better represent real-world driving conditions that will result in most vehicle models receiving a lower fuel economy estimate starting this year.[2] AAA calculates the cost by adding up the expenses associated with owning a car for five years and driving 75,000 miles. These costs include maintenance, new tires, full-coverage insurance, depreciation and financing payments. According to AAA, the costs of car maintenance, full-coverage insurance and depreciation are all expected to be lower this year. Costs are down due to vehicle revisions this year that "resulted in reduced maintenance costs," according to Michael Calkins, manager of AAA Approved Auto Repair.[2]

Analysts are reluctant to define a single day's decline as the end of crude's bull run. Many believe investors will continue plowing money into crude futures on expectations that Federal Reserve rate cuts — perhaps two more this year — could weaken the dollar further.[26] The dollar's drop has encouraged investors to buy commodities and made oil cheaper for buyers in other currencies. Federal Reserve officials anticipated the U.S. economy will shrink in the first half of the year and expressed some concern about "a prolonged and severe economic downturn'' as they cut interest rates last month, according to minutes of the March 18 Federal Open Market Committee meeting, released April 8.[43]

The dollar weakened against the Euro on Friday on renewed concerns about the economy after the release of weaker than expected consumer confidence. According to the report, U.S. consumer confidence dropped to its lowest in 26 years.[57]

Thailand and Vietnam are limiting exports to ensure domestic markets are satisfied, constraining supplies for rice importers. Some farmers are hoarding rice because, as one observer told The Guardian (U.K.), '''Who'''s going to sell rice at $750 a ton when they think it'''s going to hit $1,000?''' And according to anecdotal reports, consumers in Asia are buying large supplies of rice now because of fears they will pay more down the road. All this fear feeds on itself.[30] Crude-oil supplies fell 3.15 million barrels to 316 million a week ago as imports plunged, an Energy Department report showed on April 9.[40] "The crude inventory draw was a big surprise to the market, which had actually expected an increase of 2 to 3 million barrels. It was a substantial drawdown," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.[53]

Analysts surveyed by Dow Jones Newswires had expected, on average, an increase of 2.4 million barrels.[53]

Over several days, it has jumped 40-cents to $10.06 per thousand cubic feet. [47] The contract yesterday declined 0.3 percent to settle at $108.20, after reaching a record $109.98.[43]

Jim Cross of Cross Petroleum stated that gasoline in California has a different formulation to meet higher air quality standards, and that formulation costs refineries more to make, a cost which transfers to consumers. The DOE Web site refers to a decision made in California to ban methyl tertiary butyl ether, or MTBE, from being used in gasoline due to its toxic properties and the threat it poses to the environment. Gasoline made without this additive is more costly to make at refineries, and there are few refineries outside of California that produce gasoline meeting the state standards, so alleviating the demand on California's refineries by bringing in outside gasoline is not often seen as a viable option. [46] The current situation is different because the state no longer has the gas cap law and because gasoline is plentiful compared to September 2005.[33]

Frank Kent general manager Dave Martin concedes that U.S. vehicles are bound to get smaller. He said, some people want their big trucks. "There are certain creature comforts that nobody wants to give up or can't give up," he said. A few Texans are making drastic changes that cut their gasoline use. These tend to accompany big life changes such as moving to a new city or bearing children. Pam Veshia moved to Dallas two years ago and chose an apartment near an express bus stop that takes her directly to her urban planning job downtown. The money she saves on gasoline goes toward paying off her student loans. "It's an economic choice," she said.[29] " This suggests that, as arbitrages even out global supplies, the strong regional diesel markets that have been driving the overall complex higher will begin to ease," Goldman said. "Without strong diesel support from these regions, the market will have to rely on U.S. gasoline and the transportation markets, which remain extremely weak."[35]

Analysts said the market may be in for a similar ride of slippage followed by fresh highs as the strength in the relative strength in the global market eclipses weakness in the U.S., the world's largest oil consumer.[35] Still the U.S. trade deficit rose in February for the second straight month, with a big jump in imports of foreign-made cars offsetting the oil figures.[53] The trade deficit must be cut, but even in the best-case scenario, it would take decades to build a new energy infrastructure free of imported oil.[30]

On the oil side, western Pennsylvania counties are seeing a huge resurgence in oil field interest, a phenomenon that is prompting small operators to ream out old wells for future production and drawing in large extraction companies to drill new wells.[47] The last new refinery built in the United States was Marathon Oil Corp.' s Garyville, La., plant, which opened in 1976.[24] Beth Mosher, spokeswoman for AAA-Chicago, said the oil spike is bad news for consumers.[37]

In each of the past 10 years, global oil demand has dropped during April, May and June from the January-March quarter, reflecting the end of winter in the Northern Hemisphere and reliably clocking in as the weakest period of the year.[35] Refineries operated at 83 per cent of capacity last week, down from 88.4 per cent a year earlier, the department said.[40] Per capita gasoline consumption in Texas dropped during the winter months compared with last year.[29]

In the heat of the day, gasoline expands, so the gallon you think you're buying isn't exactly a gallon.[56] EIA said in a monthly report released on Tuesday that consumption of liquid fuels and other petroleum products is projected to grow by 40,000 barrels a day in 2008, a downward revision of 100,000 barrels a day from the previous monthly forecast.[7] According to statistics provided by AAA East Tennessee and its weekly Fuel Gauge Report, drivers in the region have experienced two consecutive months of weekly increases at the pump including 4 to 6 cent jumps in the reporting areas of Bristol, Kingsport and Johnson City.[11] Maintaining proper tire pressure is also a huge contributor to increased fuel efficiency, Montgomery said. She added that AAA recommends pressure checks every other trip to the gas station. "Yeah, it's a pain," she said. "But if you do it consistently, you're probably going to save money over time," she said. Other things, like keeping heavy items out of the trunk and maintaining proper lubrication of vehicle parts, combined with a "smooth and even" driving style, can help drivers avoid burning fuel faster than normal, according to AAA.[10] "We've had people bailing out of every conceivable vehicle" for a Honda, said assistant sales manager Candy Grantham. That's been happening for the past year and a half, she added. Outside her office, a "Best Fuel Economy" sign dangles from the ceiling. She said some people calculate that if they trade in their gas guzzler, the fuel savings alone would make the monthly payments on a small Honda.[29]

Congress should remember the first rule of the Hippocratic Oath that I, and all doctors, take. That rule? "First, do no harm." By proposing to increase taxes on gasoline and by handcuffing our efforts to use domestic fuel sources, the Democratic Congress has shown that they don't understand this simple rule. I shudder to think of the implications this has for any future efforts by a Democratic Congress to implement universal health care.[17] We urgently need to upgrade our refining capabilities. These four proposals serve as a prescription for the kind of energy policy this nation needs -- one that makes us stronger and less reliant on countries hostile to freedom, and one that will help cure the problem of "pain at the pump." That would take a Democratic Congress willing to put an end to their desire to tax everything they see, and willing to stop playing politics with the environmental lobby at the expense of average Americans' ability to afford the fuel they need to work and live.[17]

The Energy Department said natural gas supplies fell by 14 billion cubic feet last week, in line with analyst expectations.[26] Oil slipped back the next day after data from tanker tracking firm Oil Movements showed that shipments from members of the Organization of Petroleum Exporting Countries rose last week.[21] The group "Amazing New Way to Lower Gas Prices" has nearly half a million members. One Facebook group asked members not to fill their gas tank on a certain day. Clark said ideas like this do not work.[16]

"The combination of rising world oil consumption and low surplus production capacity is putting upward pressure on oil prices," the EIA report said. [27] A weakening dollar attracts investors to commodities as a hedge against inflation, but when the dollar rises, the effect tends to reverse as oil also becomes more expensive to investors overseas.[5]

SOURCES

1. Stars and Stripes: Gas prices for most grades of fuel going up around Pacific
2. As Driving Costs Jump, Car-buying, Vacation Plans Get Hit
3. Stars and Stripes: AAFES gas prices hit record highs with no relief in sight
4. Senators spar on gas prices | argusleader.com | Argus Leader
5. The Associated Press: Gas Prices Set Record, Oil Moves Higher
6. Area gas prices reach record high of $3.39
7. UPDATE: Soaring Crude Prices Stress Economy, Defy Demand
8. Central Valley Business Times
9. No stalling energy prices' climb -- chicagotribune.com
10. Burbank Leader
11. Gas prices set records across Tri-Cities region
12. Gas prices hit yet another all-time high, AAA survey says - Apr. 11, 2008
13. Gas prices hit yet another all-time high, AAA survey says - Apr. 9, 2008
14. Springfield Business Journal - Online Edition
15. Energy Dept.: Average gas price to hit $3.60 per gallon in June - Portland Business Journal:
16. Gas prices expected to rise this summer - News
17. A prescription to ease our pain at the pump 041308 - The Augusta Chronicle
18. WMICentral - Crude, fuel prices continue record two-month run
19. Walker: Not seen the worst yet : Local Columnists : Times Record News
20. Technical analysis for crude oil - 4/10/2008 - Forex News | IBT FX Center
21. The Associated Press: Oil Rises Above $110 a Barrel
22. Gasoline price hits record - News - inRich.com
23. Gas costs record $3.34; oil tops $112 | Philadelphia Inquirer | 04/10/2008
24. The Oakland Press: Business
25. One Sure-Fire Sign That Gas Prices are Heading Higher
26. The Associated Press: Gas, Diesel Prices Hit New Records
27. San Mateo Daily Journal
28. The Morehead News - Gas prices could reach $4 per gallon this summer
29. Saving gas is part of new lifestyles for some Texans | Dallas Morning News | News for Dallas, Texas | Dallas Business News
30. The Indypendent » Inflation Nation: A Guide to Your Pocketbook Blues
31. Oil Price Defies Easy Calculation - washingtonpost.com
32. Chattanooga Times Free Press | Gas may top $3.75 by June
33. Gas prices hit record high | HonoluluAdvertiser.com | The Honolulu Advertiser
34. The University Register - Gasoline prices expected to rise more in coming months, year
35. ENERGY MATTERS: 2Q Oil Demand Drop May Be Smaller Than Norm
36. Crude prices peak, then settle Wednesday - The Money Times
37.
38. WTI up slightly at the close
39. The Payson Roundup: No relief in sight for gas prices
40. Gulfnews: Crude likely to fall as consumption drops
41. Price of gas rises again | Philadelphia Inquirer | 04/11/2008
42. Oil demand may fall, price gains Friday - UPI.com
43. Bloomberg.com: Africa
44. Crude ends almost flat at $110.14; up 3.7% in the week - MarketWatch
45. Crude up slightly after early declines
46. Yreka's Siskiyou Daily News - News
47. The Derrick
48. Technical analysis for crude oil - 4/11/2008 - Forex News | IBT FX Center
49. Oil Rises Back Above $110 a Barrel
50. Consumers dig deeper to pay at the pump | GreenvilleOnline.com | The Greenville News
51. Gas Prices Set Yet Another Record High
52. Prices at the pump jump to a record | Chron.com - Houston Chronicle
53. The Associated Press: Oil Prices Slip After Record Close
54. 21 News Now, More Local News for Youngstown, Ohio - Gas price rises as oil eases a bit
55. Crude Dips As Gas Rises - News - NBC13.com
56. Gas Prices Hit Record Highs: Tips To Keep Your Car & Pocket Book Running
57. Commodity Online : Crude oil futures closes steady

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