Thursday, September 1, 2011

Gasoline close to record high before Labor Day

I can remember years ago this would been a problem with $3.68/gallon gasoline. Since many drivers are staying home and driving less, the pain isn't hurting them in the pockets. However, the price of gas is way to high to be considered the norm.

(Yahoo) NEW YORK (AP) -- Gasoline is nearly the highest it's ever been for this time of year, just ahead of the Labor Day weekend.

The run-up in oil prices this year, combined with a rash of refining problems throughout the U.S., has boosted pump prices. The national average on Thursday was $3.629 per gallon. Drivers will pay more for gasoline this Sept. 1 than in any other year except 2008, when pump prices hit an average of $3.686.

Retail gasoline prices are rising in the U.S. even though motorists are buying less. Analysts say they have been pushed higher by a steady rise in international gasoline demand. Americans may be using less, but drivers in developing nations are using more.

"It's all part of being in a global market," said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.

Americans are using so little gasoline that the U.S. has been a net exporter of refined fuels to other countries for the past nine weeks.