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Gas prices on the rise for 50 straight days

2009-06-17 20:06:55 (GMT) (Caymanmama.com - Top Stories News)

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A traffic jam on a typical American freeway

Santa Monica, California (CaymanMama.com) — American drivers have reason to be angry as gas prices continue to rise with Wednesday marking the 50th straight day of climbing retail gas prices.

The price of crude oil has suffered all week but bounced back Wednesday as well.

Traditionally, gas station prices tend to increase during hot summer months as travel and the use of air conditioners increase. However, a boost in crude prices over the past few months mixed with less gasoline refiner production added pressure on prices.

“Refiners slowed production and did a lot of maintenance on the expectation that this was going to be a lousy year for demand,” said Fred Rozell, retail pricing director at Oil Price Information Service. “It turns out it wasn’t so bad.”

Yet the situation is still dire. Prior to the most recent government report on supply and demand, gasoline to the market was down 3 percent, and prices have still been cheaper than they were three years ago.

According to the AP, “Pump prices added a half cent overnight to a new national average of $2.679 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular gas has jumped nearly 37 cents in a month.”



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