homework example 2011 - Gas Prices Fall as Mideast Jitters...

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Gas Prices Fall as Mideast Jitters Ease By BEN LEFEBVRE And RUSSELL GOLD HOUSTON—For U.S. drivers frustrated with gasoline prices close to their all-time high, at least some relief is in sight. Gas is getting cheaper at the pump, a reflection of the falling cost of crude oil borne by refiners, who also are trimming prices to entice consumers who have cut back on their driving. After flirting with the jarring figure of $4 a gallon, the average price of gallon of regular unleaded at the pump fell Wednesday to $3.93, down 3 cents from the week before, according to the AAA Daily Fuel Gauge. A year ago, the national average was $2.86. The federal government Wednesday also reported growing stockpiles of gasoline for the second consecutive week, a sign consumers were limiting their time behind the wheel and that gasoline wasn't in short supply. The price of wholesale gasoline fell 16 perrcent from last week's level. The price at the pump has been slow to follow because the flooding along the Mississippi River has caused distribution problems. Also, gasoline prices usually take longer to fall than rise as refiners try to make as much profit as possible before market fundamentals force them to lower prices. Avery Ash, regulatory affairs manager at the AAA, said he expects gas prices to move to between $3.25 and $3.75 a gallon around the end of June, once the impact of the floods
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This note was uploaded on 06/07/2011 for the course JOUR 2331 taught by Professor Staff during the Spring '11 term at Georgia Southern University .

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homework example 2011 - Gas Prices Fall as Mideast Jitters...

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