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By Robert Rapier on Jan 14, 2008 with no responses

Gas Prices Rise

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We are still on track for $4 gasoline by Memorial Day. If gasoline inventories have fallen significantly by mid-March, it is a near-cinch. One of my recent OPIS reports also said that investors have gone seriously long on gasoline futures:

Average Gas Price Rises to $3.07

CAMARILLO, Calif. (AP) — The national average price for gasoline rose nearly 10 cents over the last three weeks, according to a survey released Sunday.

The average price of regular gasoline on Friday was $3.07 a gallon, mid-grade was $3.19, and premium was $3.30, oil industry analyst Trilby Lundberg said.

Of cities surveyed, the nation’s lowest price was in Cheyenne, Wyo., where a gallon of regular cost $2.77, on average. The highest was in San Francisco at $3.39, according to the Lundberg Survey of 7,000 stations nationwide.

The cost of diesel was also up, with an average national price of $3.48.

I should probably point out that my last fill-up in Scotland (which was about 2 months ago) cost me $7.75 a gallon.