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Gasoline Prices and Stockpiles Rise

By Joe Benton
ConsumerAffairs.com

February 9, 2007

• Gas Prices Head Lower as Economy Slows • Gas Price Declines for 9 Days • Gas Prices Continue Downward Trend • Oil Prices Surge By Record $25 a Barrel • Gas Prices Drop for 5 Days • Price-Gouging Probes Spread to 6 States • Investigations of $5 Gas in North Carolina, Florida, and Virginia • Shortages, Price Hikes Follow Ike in Southeast • States Investigate Gasoline Price Gouging Claims • Pumping More U.S. Oil Won't Lower Prices, Consumer Group Says • Oil Prices Fall, Gas Prices Surge • Gas Prices Slide 8 Percent from Record --- • More ...

Gasoline prices are rising throughout the country with the average price of a gallon of regular self-serve once again above $2 a gallon in all 50 states.

All three grades of gasoline are up this week with the average price for regular at $2.21a gallon. Midegrade now sells for $2.34 and premium $2.43, according to AAA, of Heathrow, Florida.

One month ago regular gasoline sold for $2.29 a gallon and one year ago it sold for $2.33 a gallon.

Diesel fuel is up a penny at $2.55 a gallon, according to AAA.

Oddly, gasoline stockpiles are rising along with prices at the pump. Gasoline supplies climbed 2.6 million barrels to 227.2 million last week. That is 4.5 percent higher than the five year average.

The most expensive gallon of regular gasoline is now on sale in Kahului, Hawaii for $3.19. The cheapest gallon of regular is found in Opelousas, Louisiana for $1.82.

Here is a look at some gasoline prices from around the country in the ConsumerAffairs.com Gas price round Up.

Texas: Retail gasoline prices are on the rebound after a five-week fall. The AAA Texas gasoline price survey found that regular, self-serve gasoline is selling for an average of $2.07 statewide, up 4 cents from last week.

"Pump prices rose in every Texas city surveyed this week," said auto club spokeswoman Rose Rougeau. "Despite a six cent jump, Corpus Christi is the only city that remains under $2.00 per gallon."

Regular gasoline is averaging $1.99 per gallon in Corpus Christi, down 6 cents from last week and the lowest price in Texas.

The most expensive gasoline is found in Amarillo, where regular averages $2.16 per gallon, up 5 cents from last week.

California: Gas prices in much of Southern California rose by more than a penny a day over the last week, ending the five-week downturn at the pump from late December throughout January.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.56, which is 7.1 cents higher than last week, eight cents lower than last month, and five cents lower than last year.

In San Diego, the price is $2.57, which is eight cents above last week's price, 11 cents below last month, and four cents below last year.

On the Central Coast, the average price is $2.72, up 5.7 cents from last week, nine cents below last month, and three cents lower than last year.

In the Inland Empire, the average price is $2.57, 8.1 cents above last week, eight cents lower than last month, and six cents lower than last year.

"Nationally, pump prices have also been rising since the beginning of this month, but not nearly as quickly as in California," said Auto Club of Southern California spokesperson Carol Thorp. "For this time of year, this California price increase is typical because by March, all gas stations in the state will be selling the more expensive 'summer' blend of gasoline," she said.

Throughout California, drivers now pay $2.60 on average for a gallon of regular, up 8 cents from the start of the month.

Prices are higher in the Bay Area than in much of the state. San Franciscans spend about $2.78 per gallon, while Oakland residents pay $2.66 and San Jose drivers $2.67.

Michigan: The retail price of gasoline spiked higher this week as the price of crude oil rebounded from 20-month lows and approached $60 a barrel.

Gasoline prices in mid-Michigan jumped to $2.35 a gallon led by a statewide increase from price leader Speedway. Most retailers followed along quickly and matched the Speedway increases.

Prior to the price spike, gasoline prices had fallen to as low as $2.04 near Jackson. Mid-Michigan fuel prices had been running in the $2.20 range.

This week's increase puts the average price of a gallon of unleaded gas at about $2.30 statewide.

The average statewide price one year ago was $2.37, according to AAA spokesman Jim Rink. One month ago, many Michigan drivers found gasoline prices below $2 a gallon.

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