Gas prices on verge of setting a record
The average U.S. retail price for regular-grade gasoline rose 5.7 cents to $2.056 a gallon in the week ended today, less than a cent below the all-time record reached in May, the Energy Department said.
Gasoline prices across the U.S. have climbed since mid- February as refiners passed along higher costs for crude oil, which makes up about half the motor fuel's price. Oil futures in New York have climbed 26 percent this year to $54.95 a barrel today, the highest since October.
Prices jump at the end of every winter, as refineries switch from winter-grade to summer-grade gas, said Ray of AAA Washington. But this year, changes to the gasoline and energy-futures markets are also pushing up prices. In a normal year, prices peak around May and level out during the summer.
However U.S. motorists show few signs of curtailing their driving habits even with retail gasoline above $2 a gallon across much of the country. Crude-oil prices may have to rise to $80 a barrel or higher before U.S. demand for gasoline, diesel and other fuels begins to slow, said Arjun Murti, an analyst with Goldman Sachs.
- Login or register to post comments
- Printer-friendly version
- 7855 reads
- PDF version
More in Tux Machines
- Highlights
- Front Page
- Latest Headlines
- Archive
- Recent comments
- All-Time Popular Stories
- Hot Topics
- New Members
digiKam 7.7.0 is releasedAfter three months of active maintenance and another bug triage, the digiKam team is proud to present version 7.7.0 of its open source digital photo manager. See below the list of most important features coming with this release. |
Dilution and Misuse of the "Linux" Brand
|
Samsung, Red Hat to Work on Linux Drivers for Future TechThe metaverse is expected to uproot system design as we know it, and Samsung is one of many hardware vendors re-imagining data center infrastructure in preparation for a parallel 3D world. Samsung is working on new memory technologies that provide faster bandwidth inside hardware for data to travel between CPUs, storage and other computing resources. The company also announced it was partnering with Red Hat to ensure these technologies have Linux compatibility. |
today's howtos
|
Recent comments
1 year 11 weeks ago
1 year 11 weeks ago
1 year 11 weeks ago
1 year 11 weeks ago
1 year 11 weeks ago
1 year 11 weeks ago
1 year 11 weeks ago
1 year 11 weeks ago
1 year 11 weeks ago
1 year 11 weeks ago