Gas Prices Hit Record Highs In Nevada, West Virginia

[CaptinCrunch]

(March 3) - Gasoline prices set statewide records Tuesday in Nevada and West Virginia, and new highs were hit throughout heavily populated Southern California as that state pushed to within a penny of its record.


Nationwide, a gallon of unleaded regular averaged $1.705 - 3.2 cents less than the record set last Aug. 30, motorists' club AAA reported Tuesday. Ten states were within 3 cents of their average highs, close enough that they could set records as soon as Wednesday.

Motorists face climbing prices for another two or three weeks, forecasts Fred Rozell, gasoline expert at Oil Price Information Service. "We'll probably break the record nationally Friday," he predicts.

The climb has put both the government and private groups on alert for price gouging. The Department of Energy said in a statement Tuesday that "spikes in gasoline prices are always of concern and something the Department of Energy monitors very closely."

Motorists who think they've been charged unfairly high prices can report to the government at 800-244-3301 or gaswatch.energy.gov. The Federal Trade Commission investigates complaints of price-gouging.

"We're concerned about prices going so high this early in the year," says Geoff Sundstrom, spokesman for the national AAA organization. "Our sense of it is that, for the short term, prices are going to continue going up." He won't predict how high, though, because "forecasts about high prices can become self-fulfilling" as stations raise prices because motorists are expecting it.


Prices are rising on fears of shortages and in response to consistently high prices for crude oil from which gasoline is made. Crude oil makes up 48% of the price of gasoline.

West Texas Intermediate crude, the U.S. benchmark also called light, sweet crude, was $36.66 a barrel for April delivery at the close of New York trading Tuesday, down 20 cents from Monday. Oil prices have been higher than that only 33 times in the government's 20-year database. The record: $40.42 in 1990, equivalent to $57.27 today, adjusted for inflation.

Petroleum traders feared shortages after a shipping accident Feb. 21 blocked traffic on the lower Mississippi River, halting gasoline barges trying to get into the Gulf of Mexico and on to Florida. The Coast Guard reopened the river to partial traffic quickly. "A few stations around Tampa ran out of unleaded, and the terminals were nearly out, but it was a matter of hours" until supplies were normal again, says Tom Kloza, oil analyst at OPIS.

"We've asked all the AAA clubs to keep a sharp eye and report any outages, and we've been in touch with the Department of Energy to share information" if regions run out of gas, Sundstrom says.

The U.S. Energy Information Administration said in recent report: "Gasoline inventories are below the normal range for this time of year, meaning that should problems occur, there is little available supply immediately on hand either to meet increased demand or to respond to refinery, pipeline or other infrastructure problems that may occur."

[stormraiser]

It's hit $1.899 here, but there are still some with $1.799 pricing. And there is always the Reservation -- Tax free

[azsnowman]

DIRTY ROTTEN @#$^*@_+#$*$....we're at 1.79 and CLIMBING!!!!

Dennis

[Lindaloo]

Premium is now $1.81!!! I am NOT happy!!

[Pburgh]

Premium is $1.79 here. Come on Linda, we can't do anything about it and being unhappy will just make for a miserable day. I'm tryin to stay calm and collected, enjoy every day, enjoy every moment. Oh shoot, I'm mad as he!! -----------------------

[Lindaloo]

ROFL Karan!! Glad I kept reading. hehe.

I can only imagine what those prices will be during the summer months. Guess no one will be traveling this vacation season. Something needs to be done and quick. If people do not travel then the economy will suffer too.

[azsnowman]

Premium here is 1.98......JERKWADS!

Dennis

[ColdFront77]

Last I knew it was still slightly under $1.70 at the two nearest gas stations, one being at the Wal-Mart several minutes from here.

It was actually a cent higher than the 76 at the Circle K, closer to my house.

[stormraiser]

Super here is up to $2.09. Some of your Premiums are what we are paying for Regular. Thank goodness I only live 15 minutes from the Reservation. Those Injuns are good for sumthin'

[azskyman]

We're running at about 1.96 for unleaded and 2.16 for premium....and rising. Was 1.49 on January 11th.

[Guest]

:bad-words: Is all i have to say about it!

[Josephine96]

In Orlando prices are more expensive..

Orlando.. I saw a station as high as about 1.77 for regular and about 1.98 for premium

Here in Kissimmee/St Cloud.. The highest is about 1.67 for regular and about 1.80 for premium..

I have never seen gas prices on our local sign go over 2 bucks

Funny thing though.. Back in the mid 90s I believe.. I actually remember a gallon of super at 1 station was only about 1.20 lol

[ColdFront77]

I have never seen gas prices over $2.00 either between Massachusetts from the mid-1980's to 2000 and
here in central Florida, about 1 1/2 hours northwest of Orlando since June 2000.