Gasoline hits 11-year high after hours : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

Gasoline hits 11-year high after hours Inventory concerns lifts crude futures back above $28 By Myra P. Saefong, Last Update: 6:06 PM ET Apr 26, 2001 NEW YORK (CBS.MW) -- Gasoline futures reached their highest level since Persian Gulf War in after-hours trading Thursday as forecasts of tight supplies this summer sent prices soaring. In after-hours trading, May unleaded gasoline rose to $1.1135 a gallon, a level prices haven't seen since Iraq invaded Kuwait in August 1990 to trigger the Persian Gulf War and futures hit $1.11.

During the regular trading session, prices for the May contract rose as high as $1.109 a gallon and closed at $1.1042, up 2.39 cents.

The pressure on gasoline prices flowed through to crude, which rose to $28.46 in after-hours trading, following a $1.15 rise to $28.44 during the regular session on the New York Mercantile Exchange.

"Trading in the energy markets has been mostly dominated by unleaded gasoline supply concerns,"said Jeff Mokychic, head analyst at Philadelphia, Pa.-based said.

The latest reports from the American Petroleum Institute and the Energy Department showed crude stocks fell by about 1.5 million barrels during the week ended April 20.

The drop in supplies coincided with a bigger-than-expected rise in gasoline inventories, with the API reporting a 2.6-million-barrel climb and the Energy Department posting a rise of 1.1 million barrels. See full story.

Although the latest inventory reports were not as bullish for unleaded, Mokychic said, overall, gasoline supplies are running "well below recent averages."

The market is also watching several refinery issues around the world, including Tosco's (TOS: news, msgs, alerts) Los Angeles refinery, which may be down for up to two months following a fire this week, he said.

Many of the refinery snags are not market-movers themselves, he stressed, but "add to the psychological bullish sentiment that has returned to the energy markets over the past month."

Phil Flynn, a senior energy analyst at Chicago-based, said the jump in gasoline prices was "disconcerting" because the peak summer driving season doesn't even start until Memorial Day weekend next month.

During the regular session, May heating oil gained 2.32 cents to 77.62 cents a gallon. May natural gas fell by 9 cents to $4.891 per million British thermal units. June natural gas slipped 5.4 cents to $4.94.

On Wednesday, Saudi Arabian Oil Minister Ali al-Naimi said talk of a possible OPEC output increase was premature and that slower economic growth meant that the cartel must take care to defend oil prices, London's GNI Research reported. See full story. Personal Note: Highest since the Gulf War - Not too comforting - Whats next?

Martin - We need a new thread on alternative uses for slightly used SUVs. We could cut the top off them and make giant flowerbeds? Nah, too much trouble. How about, back them up to the house, cut a hole and presto, new room addition. Still too much work. I'm open to more suggestions. How about children clubhouses?

-- Guy Daley (, April 26, 2001


Lets see now,

SUV crisis

Recycling SUVs

Help please

Free SUVs

I am sure sure are great readers could come up with a great category for this subject.

-- Martin Thompson (, April 26, 2001.

Suv's would make GREAT STORAGE SHED'S. Houseing for the Homeless! They can be ground up & make paste. There owners can make SHRINES OF THEM In there front yards! They can make great BUS STOPS. You can turn them into OVENS & make Bread or Pizzas. They would make great COFFINS for community burials. We could Stuff POLITICIANS in them & send them Overseas 1 way! I would like 1 to park underneath. They can be recycled & burned to make electricity. But best of all I say we drive them AALLLLLL TO WASHINGTON ON OUR SHELL CARDS & LEAVE THEM AS Ornaments to our CROOKED ELECTED OFFICIALS! then tell SHELL> Chevron Exon & Mobile to bill us till they get the IDEA we AREN'T PAYING! LASTLY We can drain the fluids turn them on there sides & make walls & fences then fence all THE CROOKED POLITICIANS inside.

Am I make~ing myself clear on this!!

-- Geno-Ca (, April 27, 2001.

All vehicles capable of carrying fewer than 6 passengers or 2 tons, with average gasoline mileage below 15 mpg (these numbers are ballpark values) should be allowed to be considered a "historical" vehicle for State licensing purposes --- especially in California.

"Historical" license plates need not ever be renewed, so owners save on annual registration fees. Of course, the vehicle isn't supposed to be driven much, either. SUVs and other gas guzzlers need to become "historic" vehicles long before their time. It would send a strong message.

-- Robert Riggs (, April 27, 2001.

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