FORT WORTH, Texas -- Prices at the pump probably will continue to rise -- at least in the short run. But they may not be related to the massive oil spill in the Gulf of Mexico.
While some experts predict the oil spill will likely impact retail gasoline prices, others say the spill shouldn't cause a price increase.
``The oil spill is a serious, serious environmental story and probably a serious political story,'' said Tom Kloza, chief oil analyst for the Oil Price Information Service, which tracks gasoline prices for AAA.
But the spill is the result of a blowout at a single offshore rig and shouldn't affect overall U.S. oil production or gasoline prices, he said.
Gas prices are likely to continue rising this week, and could peak at a national average of $3, Kloza said. But pump prices tend to go up with increased spring and summer driving, and expectations of a rebounding economy have already driven up oil and gasoline prices on futures markets, he said.
Gasoline is refined from crude oil. U.S. retail gas prices average nearly $2.90 a gallon, up 4.9 cents in the past week and 82 cents higher than a year ago, the federal Energy Information Administration said this week.
But Bernard Weinstein, associate director of the Maguire Energy Institute at Southern Methodist University in Dallas and a well-known economist, predicted the oil spill will contribute to higher pump prices ``because of the uncertainty it creates,'' especially in regard to its potential to curb domestic offshore drilling.
The Miami Herald
I must say this guy hit it right on - It is November 20th 2010 and the prices for gas all over the USA are rising.
In 2008 we were fed up with this kind of Gas and fuel game so we started experimenting with hho generators.
High Petrol and Diesel prices killing you!!!! "Then read this" - HHO Generators in Texas
