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 HOLIDAY PUMP: Gas Prices Expected To Increase Over Next Few Weeks Mon Nov 24 2003 09:46:04 ET Gasoline prices at the pump, which normally decline in fall and winter, are instead expected to rise by perhaps a nickel a gallon over the next few weeks, boosted by unusually strong demand and higher crude-oil prices, the WALL STREET JOURNAL reported on Monday. Warm weather and a recovering U.S. economy are encouraging more road trips, says John Cook, director of the petroleum division for the federal government's Energy Information Administration. What's more, overall lower mileage efficiency, reflecting the growth in gas-guzzling sport- utility vehicles, has helped boost gasoline demand. U.S. gasoline consumption for the past four weeks averaged 9.24 million barrels a day, up 4.7% from the same period a year ago, a number more akin to the peak of summer than approaching winter, according to EIA data. By comparison, drivers pumped an all-time record 9.41 million barrels a day in August. If demand doesn't cool and if gasoline inventories don't grow, American drivers could see an odd wintertime increase in pump prices late this year. Higher prices often cut into discretionary consumer spending as filling up the tanks empties the wallet more quickly. Developing... |
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