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US motor fuel prices break post-Katrina record high
AFP
WASHINGTON
Petroleumworld.com 05 15 07US motor fuel prices have have hit an all-time record, breaking highs set in 2005 following devastation from Hurricane Katrina, the American Automobile Association said Monday.
AAA said the average national price of unleaded regular gasoline jumped to 3.073 dollars per gallon (81.3 cents per liter) over the weekend, the highest average it has recorded.
That shattered the previous national benchmark of 3.06 dollars per gallon on September 5, 2005, in the aftermath of Hurricane Katrina, AAA said.
"This is the worst possible news at the worst possible time," said AAA spokesman John Townsend.
"The Memorial Day Holiday weekend, which signals the start of the summer driving season and summer vacation season, is less than two weeks away. Across the nation, Americans are suddenly finding themselves grappling with record and historically high prices."
Gasoline prices have been rising sharply even though crude oil prices are well below their record highs set last year. Analysts said one reason is a backlog at refineries, unable to keep up with demand for motor fuel.
But Townsend said consumers are skeptical about the reasons for the high gasoline costs.
"When the hurricanes hit two years ago, most consumers saw the images of the widespread damage to the refineries along the Gulf Coast, and somehow they understood the impact on the delivery pipeline," said Townsend.
"This time around, however, they can see no real justification in the rapid and steep increase in gasoline prices and they are clearly vexed about this.
"In the absence of a similar cataclysmic natural disaster, or a catastrophic war in the Middle East like the one last year, they are pointing the finger of blame at Big Oil."
Drivers in the United States still have it easier on the wallet than those in other parts of the world where gasoline is pricier, mainly due to higher fuel taxes.
AFP 14 1712 GMT 05 07
Copyright© 2007 AFP. All Rights Reserved.
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