More drivers than ever may pay $5 per gallon

Sunday, February 26, 2012

More drivers than ever may pay $5 per gallon

By Gary Strauss, USA TODAY

http://c.brightcove.com/services/viewer/federated_f9?isVid=1
More drivers than ever could soon be paying $5 for a gallon of gasoline. But the national average, up sharply in recent weeks, is still expected to top out at about $4.
Rising oil prices, lower refining capacity, Middle East tension and speculators are propelling prices. The spike in crude, now at nine-month highs, has driven regular gas to a record February high of $3.65 a gallon — up 42 cents over a year ago.
Motorists along both coasts are paying more: an average $4.20 in California and $3.91 a gallon in New York. Prices along both coasts and other regions could continue to climb far higher. Fallout from a recent fire that’s shuttered a major Washington state refinery could push regional prices up to 20 cents a gallon this weekend. says Patrick DeHaan, an analyst with price tracker gasbuddy.com.

STORY: Economy, gas prices make Americans drive less
COLUMN: Investing: Can I profit from rising gas prices?

Taxes, shipping and regional formulations make gas even pricier in some regions.
Florida drivers are paying $5.89 a gallon near Disney World, while gas at some Chicago, San Francisco and Los Angeles stations is up to $4.85.

Read Full Article Here :
http://www.usatoday.com/money/industries/energy/story/2012-02-22/gas-prices-average/53229358/1

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Sunday, February 26, 2012