Gasoline tags have jumped 9%
By Purchasing Staff -- Purchasing, 3/20/2006 2:00:00 AM
At-the-pump unleaded regular gasoline prices have jumped 22¢/gallon so far this month to $2.47/gallon last weekend, the highest national level in many weeks. The most recent monthly average peak was $2.59 last October.
The recent run-up has been driven by the turmoil in Iraq, threats by Iran to reduce the flow from its pipelines and attacks on oil refineries in Nigeria by Islamic fundamentalists, according to Art Kinsman, director of government affairs for AAA Southern New England, in an interview with The Standard-Times newspaper of New Bedford, Mass. "Geopolitical tensions have put the market on edge," says Kinsman, who admits the price rise is puzzling since domestic gasoline inventories are close to year-ago March levels when a gallon of self-serve regular averaged $2.13/gallon. U.S. gasoline reserves are at a seven-year high yet traders are concerned about absolute amounts just prior to the so-called U.S. summer driving season, beginning in May. The oil industry says some of the recent March jump in gasoline prices comes from a switch from summer-grade product to winter-grade gasoline, an explanation being met with skepticism by consumer advocates. However, some analysts blame the price increase on the shutdown of the Western Hemisphere’s second largest oil refinery in St. Croix, which is slowing mainland distribution.
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