NEW YORK (AP) – Retail gas prices climbed for the 50th straight day Wednesday, and crude prices that had slumped all week bounced back.
Historically, filling station prices tend to rise during the summer as millions of Americans take to the road. But a surge in crude prices during the past few months and less production from the refiners that make gasoline has added pressure on prices.
“Refiners slowed production and did a lot of maintenance on the expectation that this was going to be a lousy year for demand,” said Fred Rozell, retail pricing director at Oil Price Information Service. “It turns out it wasn’t so bad.”
Yet it’s still pretty bad. Before the most recent government report on demand, gasoline supplied to the market was down 3 percent, and prices have still been cheaper than they were three years ago.
Tags: Fred Rozell, Oil Price Information Service