Gasoline prices march toward $5 a gallon
Elizabeth Conley, Houston Chronicle / Staff photographercontinued their march toward $5 a gallon as tight supplies and limited refining capacity trumped easing demand.
Gasoline jumped more than 30 cents a gallon in Houston over the past week, averaging $4.52. Gasoline prices have increased 59 cents a gallon over the past month and $1.90 over the year. Nationally, gasoline averaged $4.85 a gallon, climbing 26 cents over past week, 56 cents over the month and $1.81 over the year.Oil, which rallied last week as the European Union adopted sanctions against Russian oil, was closing in on $120 a barrel in early trading Monday morning.
Most signs point to gasoline prices only going higher, said Patrick De Hann, head of petroleum analysis at GasBuddy. “It now appears not if, but when, we'll hit that psychologically critical $5 national average," he said. “Gasoline inventories continue to decline even with demand softening due to high prices, a situation that doesn't look to improve drastically anytime soon.”
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