TSO, FTO, WNR, VLO, SUN - Gas prices at highest point since September
March 26, 2007
BY DAN THOMAS
BLOOMBERG
U.S. gasoline prices rose 6 cents the past two weeks to an average of $2.61 a gallon, the highest price since September, a survey of 7,000 filling stations nationwide has found.
Wholesale gasoline futures jumped above $2 a gallon Friday for the first time since August, pulled higher by crude oil. Oil accounts for about 55% of the pump price of gasoline. Gasoline futures also rose as strengthening demand and refinery maintenance shutdowns reduced inventories.
"The 6-cent rise comes from slightly higher crude oil prices and remaining tight gasoline supply from refinery repairs," said Trilby Lundberg of the petroleum analyst group Lundberg Surveys Inc., which conducted the survey.
"If crude oil prices allow, this may be it."
U.S. inventories of gasoline fell for a sixth consecutive week to 210.5 million barrels in the week ended March 16, the lowest since Dec. 29, the Energy Department reported on March 21.
