Pump prices typically rise this time of year as refineries switch to a more expensive grade of gas. But this year, prices are increasing after millions of Americans received pink slips and kept their cars in the driveway.
“If you look at demand, it’s just abysmal,” said Fred Rozell, retail pricing director at Oil Price Information Service.
What’s pushing prices higher isn’t American consumption. It’s the crude oil that’s used to make motor fuel, Rozell said. Crude is an international commodity that’s become ever more expensive as demand grows in China.
Retail gas prices rose Monday for the fifth straight day, adding less than a penny overnight to a new national average of $2.648 a gallon, according to AAA, Wright Express and Oil Price Information Service.
FULL STORY: http://www.usatoday.com/money/industries/energy/2010-02-22-gas-prices_N.htm
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