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Fuel Prices Crisis

U.S. retail gasoline prices hit a record highThe latest EIA pump price also equals the
for the second week in a row and matched theall-time high fuel cost of $3.22 a gallon,
inflation-adjusted peak reached in the earlywhen adjusted for inflation, reached in March
1980s during the Iran-Iraq war, the1981 after war erupted between Iran and Iraq.
government said on Monday, as concern about
low motor fuel supplies pushed up pump costs.Gasoline prices have skyrocketed $1.05 a
gallon since the beginning of February and
The average price for regular unleadedare  up  33  cents  from  a  year  ago.
gasoline soared 11.5 cents over the last week
to a fresh record of $3.22 a gallon,With several large refineries down this
according to the federal Energy Informationspring for maintenance or shut by problems,
Administration's nationwide survey of 800gasoline production has been reduced, cutting
service  stations.into  available  supplies.
The much larger Lundberg industry survey ofHowever, the high pump prices are attracting
7,000 stations showed the national price ofgasoline imports, which recently hit the
gasoline jumped 11.4 cents over the last twofifth highest weekly level ever at 1.5
weeks  to  a  record  $3.18  a  gallon.million barrels a day.



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