Monday, May 07, 2007


So last week the average price of gas reached an all time high:
NEW YORK (Reuters) - U.S. average retail gasoline prices rose to an all-time high over the past two weeks, due to a number of refinery outages, according to the latest nationwide Lundberg survey.

The national average price for self-serve regular unleaded gas was $3.0684 a gallon on May 4, an increase of 19.47 cents per gallon in the past two weeks, according to the survey of about 7,000 gas stations.

The prior all-time record was an average price of $3.0256 per gallon, that was reached on August 11, 2006.

Supposedly the price increase is due to "refinery outages" and the source in the story says there have been "at least 12 refinery incidents" in the last two weeks. Anybody know anything about those 12 incidents?

I have definitely felt this:
"So far this year the average price of regular unleaded gasoline has surged more than 88 cents per gallon..."
I'm sure ExxonMobil has felt that "surge" also, but not in the same way as you and I...I'm sure they'll break the all-time quarterly profit record again...

Considering all the people I encounter that cite high gas prices during the Carter administration, I found this part interesting:
"However, the current price is 6.4 cents short of the inflation-adjusted high that was reached in March of 1981, at that time regular grade self serve gasoline was $1.35 per gallon, but on an inflation-adjusted basis today that would translate into $3.13 per gallon."
That was at the beginning of Ronald Reagan's first term...I'll have to file that little factoid away for future use--the inflation-adjusted high for gas prices came under Reagan...

Oh, and one other thing--when that record was reached, there was a conflict involving Iraq going on, So I guess we have more proof of this theorem: (war + Iraq) Republican president =record gas prices.

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