[Fair Use: For Education and Research Purpose Only]

Title: Pump Price Jumps 6 Cents

Source: AP Online Date: 02/28/2000 05:08

Summary: LOS ANGELES (AP) -- Gasoline prices jumped 6 cents per gallon at the pump in the past two weeks, surpassing the all-time peak recorded in November 1990, an industry analyst said.

[fULL STORY] LOS ANGELES (AP) -- Gasoline prices jumped 6 cents per gallon at the pump in the past two weeks, surpassing the all-time peak recorded in November 1990, an industry analyst said.

High crude oil prices and strong demand combined to drive up the national average price, including all grades and taxes, to $1.4713 as of Friday. That was an increase of 6.08 cents from Feb. 11, according to the Lundberg Survey of 10,000 stations nationwide, analyst Trilby Lundberg said Sunday.

``The international oil community is speculating that key world oil producers may increase oil production in April, which would ease oil prices and therefore gasoline prices,'' Lundberg said. ``But for now, gasoline prices will probably hover around their current levels or rise even further.''

Before now, the highest average price for a gallon of gasoline in the nation was $1.46 in 1990, Lundberg said. But strong demand indicates the price increase has not created a crisis.

``Despite this record high level for gasoline prices, unadjusted for inflation though it may be, consumption has not flinched,'' Lundberg said. ``This suggests that prices are not at an emergency high level at this point.''

Crude oil prices are up amid uncertainty over whether the Organization of Petroleum Exporting Countries will increase output when an agreement on lowered production expires next month.

Prices recorded Friday at self-service stations averaged $1.4239 per gallon for regular unleaded gasoline, $1.5196 for mid-grade and $1.6032 for premium.

Full-service prices were $1.7263 per gallon for regular, $1.8098 for mid-grade and $1.8840 for premium.

Copyright ) 2000 Associated Press Information Services, all rights reserved.

http://library.northernlight.com/EA20000228380000018.html?cb=200&dx=2006&sc=1#doc

=================================

-- Dee (T1Colt556@aol.com), February 28, 2000

Answers

I don't know about you all, but my consumption has gone down. Either the sheeple are idiots, or the media is lying.

-- Bill (billclo@blazenet.net), February 28, 2000.