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No Relief in Sight for Gasoline Prices
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Aug 11, 2005 03:25pm |
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| Category | News |
| Media | Website - Yahoo News |
| News Date | Thursday, August 11, 2005 09:00:00 PM UTC0:0 |
| Description | Motorists got a barrelful of bad news Wednesday when oil prices soared to a new high, gasoline set another record in California and the Department of Energy warned that pump prices could remain above $2 a gallon through much of next year.
The latest round of woe was spurred by a spate of refinery problems in the U.S., increasing instability in the Middle East and a growing imbalance between demand for petroleum, which is rising rapidly, and production capacity, which isn't.
After briefly touching $65 a barrel, the U.S. benchmark crude closed at a record $64.90, up $1.83, or almost 3% on the New York Mercantile Exchange. That was up 46% from a year ago and boded ill for motorists already paying sky-high prices for gasoline — which also hit a new national record Wednesday.
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