Retail Gasoline Price On Another Record

Retail gasoline prices climbed to another record yesterday, while crude oil futures jumped above US$65 per barrel amid concerns that US refiners are not producing enough gasoline to meet peak summer demand, The Associated Press reported.

A gallon of regular unleaded costs an average of US$3.196 (84 cents a liter), up from US$3.178 on Sunday, according to AAA and Oil Price Information Service. Prices are up 33.7 cents a gallon (9 cents a liter) from a month ago and 30.4 cents from a year ago, as demand remains strong, and a spate of planned and unexpected refinery shutdowns have constricted supply.

The US Energy Information Administration reported last week that gasoline inventories -- while increasing to 195.2 million barrels for the week ended May 12 -- are still well below the average for this time of year. The nation's peak driving season, meanwhile, is set to begin this long Memorial Day weekend.

Gasoline futures for June delivery rose 1.23 cents to US$2.42 per gallon in afternoon trading on the New York Mercantile Exchange.