Timeline of rising gasoline prices
2008-05-21 15:58:07 (GMT) (Caymanmama.com - Business News)New York, New York (CaymanMama.com) — It is fact that in 1999, the price of gasoline was $.90 per gallon and presently, the price of per gallon has jumped from $.90 cents to almost $4.00 per gallon. Sadly, for all those who think that it is a natural process, the fact is that multiple events led to the price rise to the current levels.
Since 2004, the main reason behind the price hike was increase in demand. It was in 2004 when the price of per gallon of gas went up to $2.00. Further, Hurricane Katrina in 2005 knocked out a significant portion of US refineries. According to James Crandell, Lehman Brother’s energy analyst, “It exposed how little surplus refining capacity we have in the U.S.”
In 2006, geopolitical events such as Lebanon’s invasion led to the inflation in the price of gas by $1 and it ended at $3.00 per barrel. In 2007, there were tight supplies when global consumption of gas was doubled. In 2008, volatile market amidst tight supplies and ever increasing demand was taking the toll of situation and led to further inflation in the price of gas.
CaymanMama.com - Press Release Distribution Service
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