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Hello, summer!
- By Eric Lundin
- May 28, 2009
Then again, maybe gasoline prices won"t rise all that much after all. I looked at some monthly gasoline prices and, while it"s true that they tend to rise during the summer months, in fact they often peak during the winter. In 1997 and 1998, they crested in January; in 1999 it was in December. The 1999 peak probably had more to do with rising supply than anything else. The oil glut in the late 1990s was so extreme that the average U.S. retail price of regular gasoline was less than a buck per gallon in January 1999, so it really had nowhere to go but up.
Other factors come into play. In 2005 retail gasoline peaked at $2.91 in September. That was shortly after Hurricanes Katrina and Rita tore through the Gulf of Mexico and the Gulf Coast. It was more than 4 bucks per gallon in 2008, but that was driven largely by speculator frenzy in the petroleum markets.
So what"s normal? In any given year, the price of retail gasoline peaks about 12 percent above its average price. We"re not quite halfway through 2009, but so far the average U.S. retail price for regular gasoline has been $2.02 per gallon. It"s now $2.29 per gallon, an increase of 13 percent. Barring a weather disaster or some other upset in the petroleum market, the worst might just be over.
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The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
start your free subscriptionAbout the Author
Eric Lundin
2135 Point Blvd
Elgin, IL 60123
815-227-8262
Eric Lundin worked on The Tube & Pipe Journal from 2000 to 2022.
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