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Home Front Economy |
Pump price to jump 20 cents next 2-3 weeks |
2007-11-14 |
WASHINGTON (Reuters) - U.S. consumers could pay record gasoline prices for the upcoming Thanksgiving holiday with pump costs expected to climb another 20 cents over the next two to three weeks, the government's top energy forecaster warned on Monday. Guy Caruso, who heads the U.S. Energy Information Administration, said not all of the recent jump in crude oil prices has been reflected in motor fuel costs which now top $3 a gallon in many parts of the country, about 80 cents more than a year ago. "We haven't seen the full pass-through (of high oil prices) yet," Caruso told reporters at a briefing on oil market conditions held at Energy Department headquarters. "I would say what's in the pipe right now (for gasoline) is about another 20 cents." If the projected gasoline price materializes it would be the most consumers have ever paid to fill up at Thanksgiving and could break the all-time high of $3.22 a gallon set last May. The national average retail pump price has already jumped by 25 cents since mid-October, reflecting soaring crude oil costs, which for U.S. oil hit a record $98.62 a barrel last week. The price of crude accounts for about half the cost of making gasoline. |
Posted by:Steve White |
#5 Hi RJ , that'd be about US 79cents per litre. I'm paying about US$1.25 litre down here in rural Australia. You blokes are getting a good deal. |
Posted by: classer 2007-11-14 17:27 |
#4 Gas here (Mobile) is hovering right below three bucks (2.98-2.99) |
Posted by: Redneck Jim 2007-11-14 15:35 |
#3 This is great news to the various retailers that have already said the sales have been the worst since 1995 ( according to one recent news story) this should cause folke to rethink holiday spending and further depress sales. |
Posted by: USN,Ret. 2007-11-14 15:00 |
#2 Yesterday evening on the radio, it was reported that the big jump in the stock market was due to the revision downward of oil demand estimates. That doesn't mean this guy's wrong, but it does suggest the longer-term trend will be down. I suppose that's why we had to get the bad news out, first... |
Posted by: Bobby 2007-11-14 06:30 |
#1 Its $3.63 or $3.67 a gal. here on Guam as of yesterday and today. |
Posted by: JosephMendiola 2007-11-14 01:40 |