Tags: eia | gasoline | price | rose

EIA: Gasoline Price Rose 6.7 Cents in Latest Week

Tuesday, 04 September 2012 05:23 PM

Gasoline prices climbed nearly 7 cents in the past week to the highest level since mid-April after refineries along the Gulf coast shut ahead of Hurricane Isaac, the federal government said on Tuesday.

The national price of regular gasoline rose 6.7 cents to $3.84 a gallon in the week ended Monday, the Energy Information Administration said in its weekly survey of service stations.

Gasoline prices had been climbing since mid-July as the cost of oil has spiked. The storm boosted gasoline prices, sending them nearly 17 cents higher than a year ago.

The storm-related price rise could be temporary as Isaac caused few problems for refineries, unlike other big storms in recent years. Isaac hit land as a low strength Category 1 hurricane before fading.

One refinery along the Gulf Coast, Phillips 66's 247,000 barrel per day Alliance, Louisiana, plant, could operate at reduced rates for a few weeks after flooding caused by Isaac, the company said.

Other plants in the region had restarted or resumed normal output.

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Tuesday, 04 September 2012 05:23 PM
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