|
|
|
|
|
|
|
|
|
| CNN's Tom Foreman looks at the pros and cons of using public tranportation. (October 19) |
Play video
|
|
|
|
NEW YORK (CNN/Money) -
Gasoline prices fell another two cents Thursday, according to AAA, as refineries came back online following hurricane Katrina.
The average nationwide price for a gallon of regular unleaded gasoline dipped to $2.7009 from $2.723 a gallon Wednesday, AAA reported.
A year ago, the average cost of a gallon of regular unleaded gasoline was nearly 71 cents cheaper at $2.019, according to AAA.
Gas prices peaked at $3.057 on Labor Day in the wake of Hurricane Katrina, when oil production platforms and refineries were knocked off-line and some analysts began to worry about gasoline shortages.
Five U.S. oil refineries remained completely shut in the aftermath of hurricanes Katrina and Rita Wednesday, accounting for 1.31 million barrels per day (bpd) of fuel production, or 7.7 percent of the nation's capacity, Reuters reported.
At least one of those plants, Motiva's 275,00 bpd refinery in Port Arthur, Texas, was gearing up for restart sometime this week. The others were expected to remain idle longer.
Meanwhile, AAA's "Daily Fuel Gauge Report" also revealed that the average nationwide price for diesel edged higher by a fraction of a cent to 3.203 from $3.196 a gallon Wednesday.
This time last year, diesel prices averaged $2.205 a gallon, the travel club reported.
Hawaii still has the most expensive gas in the country, with the average cost of regular unleaded at $3.375 a gallon; and gas in Oklahoma was the cheapest, with regular unleaded averaging $2.343 a gallon, AAA said.
Facing a weakened energy supply, the Bush administration has announced a conservation campaign and the president has urged Congress to draft a bill that would allow for the construction of new refineries and ultimately alleviate recent high gas prices.
Demand for gasoline within in the U.S., however, fell 2.2 percent below last year, according to a government report released Wednesday.
-- from staff and wire reports
_____________________
Have high oil prices seen their heyday? Click here.
Will rising energy prices squeeze the consumer or corporate America? Click here for more.
|
