Gas prices reverse course: Expect them to climb
UCAN News
Oil prices are up 33¢ a gallon while gas prices have declined by more than a dime.
Today, UCAN's Gas Project at www.fueltracker.com reported a slight rise in the price of gasoline this morning of one-tenth of a penny to an average of $2.168 a penny.
"It isn't much," says Charles Langley, Manager of UCAN's Gas Project, "but it is statistically significant and represents the reversal of a steady price decline that started on February 19, 2009." At that time, says Langley, gasoline in San Diego averaged $2.285 a gallon.
On Thursday of last week, Arco/British Petroleum reported a problem with its Carson refinery.
A combination of fear and a bullish oil market, which sent oil to almost $54 a barrel this morning, helped the Los Angeles spot market for surplus gasoline surge by 23¢ in the last four days.
Meanwhile, the cost of oil has climbed from less than $40 a barrel on the 19th of February, to a closing price of $53.80 a a barrel today.
Put another way, at $53.80 on a cost per gallon basis, oil has increased from 95¢ a gallon to $1.28 a gallon - a jump of 33 cents a gallon, while at the same time, gasoline prices decreased by 11 cents.
For more information or background, reporters can call UCAN at (619) 696-6966.
Gas & Autos Gas Prices -
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