Make us your home page
Instagram

Amid plant shutdowns, gasoline prices hit seasonal record

SAN FRANCISCO — Retail gasoline prices have risen to a record for this time of year amid a decline in refinery production because of breakdowns and seasonal maintenance and an eight-week rally in crude futures.

Regular gasoline in the U.S. climbed 7.3 cents, or 2.1 percent, from a week earlier to $3.611 a gallon Monday, the highest level since Oct. 22 and a record for this time of year, according to data compiled by the federal Energy Information Administration. West Texas Intermediate oil futures have gained more than $10 a barrel since mid December and on Feb. 1 capped the longest stretch of weekly advances in more than eight years.

According to AAA, the average price for a gallon of regular unleaded gas in Florida was $3.651 on Tuesday. In the Tampa Bay area, the average was $3.609.

Retail gasoline has also climbed for eight straight weeks as refiners make up for the rise in crude costs. Gasoline production in the United States is at a three-week low as plants including Chevron's El Segundo refinery near Los Angeles and LyondellBasell Industries' Houston site in Texas perform maintenance turnarounds.

"Pick a coast, and we have refineries down, and then you had the price of crude soar," said Phil Flynn, senior market analyst at Prices Futures Group in Chicago. "Supplies are more than ample right now, and it seems crude prices should continue to work lower. That, and refineries coming off maintenance, should start to bring down gasoline."

Crude stockpiles in the U.S. increased 0.7 percent to 371.7 million barrels in the seven days ended Feb. 1, the EIA said Feb. 6. They probably added 2.2 million barrels last week, according to the median of 10 analyst estimates before the agency's next report today.

Output of the motor fuel dropped 3.3 percent from the week before to 8.76 million barrels a day in the period ended Feb. 1, the lowest level since Jan. 11. Consumption increased 1.2 percent to 8.42 million barrels a day in the four weeks to Feb. 1, the EIA said.

Retail gasoline prices rose Monday in all five regions of the U.S., the agency said. The Rocky Mountain area saw the biggest gain, of 13 cents, to $3.274 a gallon.

Regular gasoline on the U.S. West Coast rose 12.9 cents Monday to $3.867 a gallon, the highest average price in the U.S.

. GAS WATCH

The price of a gallon

of regular unleaded gas

in the Tampa Bay area:

TuesDAY

$3.609

MonDAY

$3.604

MonTh ago

$3.384

YEAR ago

$3.577

RECORD

$4.009*

* Record set July 16, 2008

Source: AAA/Oil Price Information Service

To find the cheapest gas where you live, visit

money.tampabay.com.

Amid plant shutdowns, gasoline prices hit seasonal record 02/12/13 [Last modified: Tuesday, February 12, 2013 8:11pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Bloomberg News.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Make-A-Wish Foundation aims to help more kids in Tampa Bay

    Health

    The Make-A-Wish Foundation is on the lookout for sick children in the Tampa Bay area who need a once-in-a-lifetime pick-me-up.

    Grace Savage, a 10-year-old girl with a chromosomal disorder made a trek to the Clearwater Marine Aquarium last year, courtesy of the Make-A-Wish Foundation. The foundation intends to beef up its presence in the Tampa Bay area after a reorganization. The region is now the responsibility of the foundation's Southern Florida chapter, one of the most active in the country, with more than 11,000 wishes granted so far. [JIM DAMASKE   |   Times ]
  2. Florida hides details in nursing home reports. Federal agencies don't.

    Medicine

    TALLAHASSEE — Gov. Rick Scott widened his offensive Thursday against the Broward nursing home he blames for the deaths of 10 residents by setting up a tip line for information, but when it comes to access to the inspection reports of all nursing homes, the governor's administration has heavily censored what the …

    In the foreground is a document detailing the findings of a Feb. 2016 inspection at the Rehabilitation Center at Hollywood Hills obtained from a federal agency, the Center for Medicare and Medicaid Services. Behind it is the state?€™s version of the same document, from the Agency for Health Care Administration, showing how it has been redacted before being released to the public. [Miami Herald]
  3. 'Toxic' times: How repeal of Florida's tax on services reverberates, 30 years later

    State Roundup

    TALLAHASSEE — Long before Hurricane Irma attacked Florida, the state faced a troubled fiscal future that the storm will only make worse.

    Robertson says the tax debate is now “toxic.”
  4. Fewer Tampa Bay homeowners are underwater on their mortgages

    Real Estate

    The percentage of Tampa Bay homeowners underwater on their mortgages continues to drop. In the second quarter of this year, 10.2 percent of borrowers had negative equity compared to nearly 15 percent in the same period a year ago, CoreLogic reported Thursday. Nationally, 5.4 percent of all mortgaged homes were …

    The percentage of Tampa Bay homeowners underwater on their mortgages  continues to drop. [Times file photo]
  5. 'What Happened'? Clinton memoir sold 300,000 copies in first week

    Blogs

    Despite being met with decidedly mixed reviews, What Happened, Hillary Clinton's new memoir about the 2016 presidential campaign, sold a whopping 300,000 copies in its first week.

    The new memoir by former presidential candidate Hillary Clinton sold 300,000 copies in its first week.