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Refiners cut gasoline production to boost profits, price soars
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| Contributor | Servo |
| Last Edited | Servo Apr 07, 2008 09:55am |
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| Category | News |
| News Date | Monday, April 7, 2008 03:00:00 PM UTC0:0 |
| Description | The nation's gasoline refiners have cut gas production in an effort to boost profits that in turn cause the price of gasoline at the consumer level to skyrocket.
AAA reports that the national average price for a gallon of regular gasoline at the pump rose 1.4 cents overnight and now stands at a record $3.30 a gallon. A month ago, the national average price was $3.17, AAA notes.
Adding to the rally in gasoline was a drop in the dollar after the U.S. Department of Labor reported that payrolls shrank by 80,000 in March and now stand at their lowest level since Hurricane Katrina.
In New York, gasoline futures for May delivery on the NYMEX were down 1 cent a gallon at $2.72 while oil futures rallied higher. |
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