Not much movement: Week ending June 21
This week in gas prices started with another record-breaking national average, according to AAA’s fuel gauge report.
The national average for a gallon of regular unleaded gasoline rose to $4.08 on Monday, June 16, ending the week at an average of $4.07. Not much of a difference over last week’s $4.06 a gallon.
California ended the week with the highest prices at $4.60 a gallon, trumping even Hawaii’s $4.34 and Alaska’s $4.51 a gallon for regular unleaded. Oklahoma’s statewide average won the lowest state average, ending the week at $3.83 a gallon.
Oil futures continued to hover in the mid $130s for a barrel of sweet crude, while legislators verbally batteled out theories and solutions to rising energy costs.
Republican presidential candidate John McCain outlined his energy plan this week, saying opening more offshore drilling and easing regulations on refining construction could prompt lower prices.
But the Energy Information Administration has said refining levels are lower this year than last year, due in part to rising input costs. In fact, demand is not enough to raise levels - in January and February, supply actually outweighed demand.
President George W. Bush said opening more offshore areas for drilling would help bring prices down. Of expanding drilling in the U.S., U.S. Representative Nick J. Rahall (D-WV) this week noted that 81 percent of the land avaialble for drilling is not being utilized by the oil and gas conglomerates.
