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Fuel Prices Crisis

U.S. retail gasoline prices hit a record gallon.
high for the second week in a row and The latest EIA pump price also equals the
matched the inflation-adjusted peak all-time high fuel cost of $3.22 a
reached in the early 1980s during the gallon, when adjusted for inflation,
Iran-Iraq war, the government said on reached in March 1981 after war erupted
Monday, as concern about low motor fuel between Iran and Iraq.
supplies pushed up pump costs. Gasoline prices have skyrocketed $1.05 a
The average price for regular unleaded gallon since the beginning of February
gasoline soared 11.5 cents over the last and are up 33 cents from a year ago.
week to a fresh record of $3.22 a gallon, With several large refineries down this
according to the federal Energy spring for maintenance or shut by
Information Administration's nationwide problems, gasoline production has been
survey of 800 service stations. reduced, cutting into available supplies.
The much larger Lundberg industry survey However, the high pump prices are
of 7,000 stations showed the national attracting gasoline imports, which
price of gasoline jumped 11.4 cents over recently hit the fifth highest weekly
the last two weeks to a record $3.18 a level ever at 1.5 million barrels a day.




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