NEW YORK (AP) — Gasoline prices hit new records at the pump again Thursday, while gas and oil futures surged on ongoing concerns that refiners aren’t making enough gasoline to meet peak summer driving demand.
With the summer driving season set to begin on Memorial Day weekend, in just over a week, the 1.7 million-barrel increase in gasoline inventories reported by the government on Wednesday simply wasn’t enough to convince energy traders that supplies are catching up to demand. And that means retail gasoline prices are likely to continue rising for at least another month, said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Ill.
“We might have to wait until post-Fourth of July,” to see a significant decline in gasoline prices, Ritterbusch said.
Prices at the pump gotcha down. Take two of these and call me in the morning.