Here Comes $3 Per Gallon Gasoline
Posted on: Wednesday, 31 August 2005, 12:00 CDT
The average U.S. pump price of regular gasoline hit $2.619 per gallon Wednesday and AAA said $3 per gallon was right around the corner.
The private motorists' group noted eight Gulf Coast area refineries are shut down, a loss of about 12 percent of the nation's refining capacity.
The group's latest figure for the average U.S. pump price of $2.619 per gallon is 40 percent higher than a year ago.
AAA said more price increases are in the pipeline. The wholesale price of gasoline for September delivery catapulted 20 percent Tuesday on the New York Mercantile Exchange.
Some U.S. cities already have $3 per gallon gasoline. Regular unleaded in Wailuku, Hawaii, was selling for an average $3.179 per gallon. Several big cities were close to that figure. San Francisco had an average of $2.901 per gallon, and in Chicago Wednesday regular gas averaged $2.806.
Source: United Press International
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