Gas Prices Reach $4.33 In San Francisco

Increasing supply and slowing demand growth is expected to reduce prices slightly over the next several weeks. EIA projects a U.S. average retail price in the $2.90s during June and July, after averaging above $3.00 per gallon in May. This projection assumes no significant unplanned refinery outages or [tag]crude oil production[/tag] losses.

*** Credits the above is from This Week in Petroleum dated 5/9/07 DOE Energy Information Agency http://tonto.eia.doe.gov/oog/info/twip/twip.asp#

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Today from the AP - Rebels attacked and damaged 3 pipelines and kidnapped 4 oil workers in Nigeria. Nigeria is Africa’s largest crude producer and a major supplier to the US.

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Last week I projected $4.00 to $4.50 [tag] gasoline prices[/tag] for August. We have researched and found a price of $3.21 for the lowest price in Chicago with a $4.33 highest price at a Shell station in San Francisco!

What does that pretty chart at the top of this page tell us? Last week I reported that our [tag]gasoline stocks[/tag] were 8.5 million barrels behind last year; this week the stocks are 18 million barrels below the mid-range “normal” of 210 million barrels for this time of year. What does this mean to all of us? [tag]Higher Gas Prices[/tag] that are Going Higher!

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