(Adds Congress halts oil deliveries, record diesel prices)
By Tom Doggett
WASHINGTON, May 19 (Reuters) - More U.S. drivers are getting closer to $4 sticker shock at the pump as the average price for gasoline soared 6.9 cents over the last week to a record of $3.79 a gallon, the federal Energy Information Administration said on Monday.
The national price for regular, self-service gasoline is up 57 cents from a year ago because of rising crude oil prices that recently reached a record near $128 barrel at the New York Mercantile Exchange.
The price of crude accounts for more than 70 percent of the cost of making gasoline.
If oil prices stay near current levels, some energy experts warn consumers could be paying $4 a gallon for fuel in most parts of the country when the busy summer vacation season gets underway.
Congress is hearing the consumer frustration and is looking for ways to show it is tackling runaway fuel prices.
Lawmakers last week overwhelmingly passed legislation halting oil deliveries to the government's emergency petroleum stockpile in order to keep more supplies on the market and hopefully lower fuel costs.
However, many experts don't think consumers will see much savings at the pump.
The EIA's latest weekly survey of service stations found gasoline was the most expensive on the West Coast at $3.88 a gallon, up 5 cents. Chicago had the highest city price at $4.02, up 7.5 cents.
The Rocky Mountain states had the lowest regional price at $3.69 a gallon, up 7.7 cents. Houston had the cheapest pump price, up 7.7 cents at $3.65.
Separately, the price truckers and other users of diesel fuel paid jumped 16.6 cents to a record $4.50 a gallon, the EIA said.
Diesel has soared 35 cents a gallon in the last two weeks and is up $1.69 from a year ago.
The central Atlantic states had the most expensive diesel at $4.68 a gallon, up 16.6 cents. The Rocky Mountain region had the cheapest fuel at $4.44, also up 16.6 cents, the EIA said. (Editing by Christian Wiessner) ((tom.doggett@thomsonreuters.com; +1 202 898-8320; Reuters Messaging: tom.doggett.reuters.com@reuters.net)) Keywords: USA GASOLINE/PRICE
(Adds gasoline prices by regions and cities)
WASHINGTON, May 19 (Reuters) - U.S. drivers are getting closer to $4 sticker shock at the pump as the average price for gasoline soared 6.9 cents over the last week to a new record of $3.79 a gallon, the federal Energy Information Administration said on Monday.
The national price for regular, self-service gasoline is up 57 cents from a year ago because of rising crude oil prices that recently reached a record near $128 barrel at the New York Mercantile Exchange.
If oil prices stay near current levels, some energy experts warn consumers could be paying $4 a gallon for fuel in most parts of the country when the busy summer vacation season gets underway.
The EIA's latest weekly survey of service stations found gasoline was the most expensive on the West Coast at $3.88 a gallon, up 5 cents. Chicago had the highest city price at $4.02, up 7.5 cents.
The Rocky Mountain states had the lowest regional price at $3.69 a gallon, up 7.7 cents. Houston had the cheapest pump price, up 7.7 cents, at $3.65. (Reporting by Tom Doggett; Editing by Marguerita Choy) ((tom.doggett@thomsonreuters.com; +1 202 898-8320; Reuters Messaging: tom.doggett.reuters.com@reuters.net))
Keywords: USA GASOLINE/PRICE
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> European Power and Gas [TOP/ELE]
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TOP STORIES
> Oil rises past $127, OPEC says no need for hike [nSYD309354]
> U.S. crude, gasoline inventories seen higher [nN19545620]
> U.S. retail gasoline price at record $3.79/gln-EIA[nWAT009517]
> US retail diesel fuel at record $4.50/gallon -EIA [nN19560640]
> US senator promotes bill to freeze ethanol mandate[nN19338610]
> Ecuador says lowers 2008 oil production target [nN19547225]
> Current oil production meets demand-Saudi Arabia [nL19688026]
> OPEC will not meet before Sept-OPEC President [nL1929254]
> OPEC Sept meet unlikely to hike supply-Pres Khelil [nL1941445]
> China releases strategic fuel reserves after quake[nPEK335170]
> Iraq expects to boost oil exports to post-war high[nL19666317]
MARKETS
> NYMEX oil ends at record above $127, trade choppy [nN19564920]
> US refinery margins gain on stronger products-CS [nN19531754]
> China demand for W.Africa crude falls for June [nL19234861]
> Angola oil exports steady in July-traders [nL1975512]
> North Sea Troll crude plan to slip in June-trade [nL1979868]
> North Sea crude output to fall in June [nL19209317]
ANALYSIS, INTERVIEW
> Oil price defies swelling supplies [nL19691411]
> U.S. refiners turn attention to diesel amid boom [nN19435778]
CORPORATE NEWS
> Nigeria signs $2bln funding deal with Exxon [nN19205985]
> Italy's Eni, Congo sign tar sands accord [nL1985421]
> OMV goes back to court over MOL shares [nL19117122]
> China Natural Gas ready for Nasdaq, thinks bigger [nPEK223503]
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LIVE PRICES & DATA
ICE Brent <0#LCO:> ICE Gas oil <0#LGO:>
NYMEX Crude <0#CL:> NYMEX Heating oil <0#HO:>
NYMEX gasoline <0#RB:> Brent,Dubai paper <0#BRT-><0#DUB->
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Page editor: 646-223-6200; New York Desk
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Keywords: MARKETS ENERGY TOPNEWS
WASHINGTON, May 19 (Reuters) - U.S. drivers are facing more sticker shock at the pump as the average price for gasoline soared 6.9 cents over the last week to a new record of $3.79 a gallon, the federal Energy Information Administration said on Monday.
The national price for regular, self-service gasoline is up 57 cents from a year ago because of rising crude oil prices that recently reached a record near $128 barrel at the New York Mercantile Exchange. (Reporting by Tom Doggett)
((tom.doggett@thomsonreuters.com; +1 202 898-8320; Reuters Messaging: tom.doggett.reuters.com@reuters.net)) Keywords: USA GASOLINE/PRICE
HOUSTON, May 19 (Reuters) - Mars sour fell sharply but
sweets rose on the U.S. cash crude market Monday as diesel
demand kept No. 2 cracks three times those available for
gasoline.
Mars <MRS-> changed hands at $6.35 per barrel under West
Texas Intermediate <CLc1>, weaker by $1.10. Light Louisiana
Sweet <LLS-> added 10 cents to sell for +$4.00.
Other sweets and sours followed suit.
"People are driving for better distillate crudes and less
asphalt," one trader said.
With diesel demand strong and gasoline weak, according to
Credit Suisse, the WTI-No. 2 crack <CL-HO1=R> stayed above $27
a barrel while the WTI-RBOB spread <RB-CL=R> was just below $9.
On futures markets, June WTI gained 76 cents to $127.05.
July Brent climbed 7 cents to $125.06.
The WTI front-month spread <Cl-1=R> strengthened 8 cents to
33 cents in backwardation while Brent stayed contangoed wider
than -60 cents.
Among other cash grades, Bonito sour <BS-> traded at -40
cents, down 90 cents. Eugene Island <EUI-> dealt at +20 cents,
at the lower end of talk Friday.
Heavy Louisiana Sweet <HLS-> sold for -$3.55, near the top
of Friday's bid-offer spread of +$3.00/+$3.60.
There were deals as small at 250 barrels indicating traders
doing book-balancing with June WTI futures set to expire
Tuesday and the pipeline-scheduling deadline looming Friday.
==============================================================
Please be advised that Reuters will begin including Alaska
North Slope crude and other West Coast crude oil commentary in
the daily U.S. Cash Crude market report on named item code
[CRU/C] in June and discontinue the daily U.S. West Coast crude
market report on named item code [CRU/W] at the same time.
Please contact Richard Valdmanis, Americas Energy Editor,
at 646-223-6056 or via email at
richard.valdmanis@thomsonreuters.com with any questions or
comments.
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DATA LINKS:
Energy Speed Guide <ENERGY> Crude Speed Guide <CRUDES/1>
NYMEX WTI futures <0#CL:> ICE Brent futures <0#LCO:>
US crude prices <PPGR> US crude differentials <BRNV>
Freight rates <0#FRT->
NEWS LINKS:
NYMEX Market reports [O/N] ICE market reports [O/L]
US Cash crude deals [CRU/TU] Foreign crude deals [CRU/T]
Dirty tanker news [TAN/CRU] Dirty tanker fixtures [TAN/D]
Weekly US oil data [EIA/S] US crude outlook [US/CRU]
US Refinery outages [REF/US] US Cash oil products [PRO/U]
US products outlook [US/PRO]
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(Reporting by Bruce Nichols; Editing by Marguerita Choy)
((Email: bruce.nichols@reuters.com; +1 713 210 8510; Reuters
Messaging: bruce.nichols.reuters.com@reuters.net))
Keywords: MARKETS USCRUDE/
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