Thu, 22:09 18 Sep 2008 GMT17

 

Ike pushes U.S. retail gasoline price -gov't
15 Sep 2008 22:02:10 GMT
Source: Reuters
(Updates prices, damage assessment, adds regional gasoline price details, paragraphs 4-13; adds byline)

By Ayesha Rascoe

WASHINGTON, Sept 15 (Reuters) - Constrained fuel supplies in the wake of Hurricane Ike pushed the average U.S. retail price for gasoline up 19 cents in the latest week, the federal Energy Information Administration said on Monday.

The EIA said the national average price for regular, self-service gasoline surged to $3.84 in the week ended Monday, Sept. 15, from $3.65 the previous week.

Hurricane Ike was the second hurricane to slam into the Gulf Coast in recent weeks, shutting 99.9 percent of Gulf of Mexico's oil output. According to a Reuters survey 16 refineries were closed Monday, representing 24.6 percent of U.S. capacity. For a factbox on Ike's effect on energy operation please click [ID:nN15301457]

Despite Hurricane Ike, crude oil prices closed below $100 for the first time since March on Monday. Lower crude prices did not offer Americans much relief at the pump, however, with the average price of gasoline $1.05 higher than a year ago.

Before Hurricane Ike hit the coast, gasoline prices had been falling steadily for nine weeks. With refineries to remain closed at least a week after Ike, the U.S. Energy Department said Monday refinery product supplies would be restrained for the near future.

So far Ike has caused much less damage to the energy sector than Hurricane Katrina in 2005, which caused gasoline prices to soar 46 cents in one week.

The average price of gasoline rose in every region of the country, except the Rocky Mountains where the price of gasoline was down 1.3 cents.

Gasoline was most expensive in the lower Atlantic region at $3.96, up 34 cents. Chicago had the highest big city price at $4.30.

New England had the lowest regional price at $3.66 a gallon, up 4.5 cents. Boston had the lowest pump price at $3.58, up 5.4 cents.

Gasoline prices rose 26 cents to $3.69 in Houston, which Ike hit directly.

The EIA also reported gasoline prices were down 3.3 cents at $3.89 in San Francisco, down 6.7 cents at $3.76 in Los Angeles, down 2.8 cents at $3.77 in Seattle, up 0.1 cents at $3.69 in Denver, up 12 cents at $3.93 in Miami, up 5.6 cents at $3.64 in New York City, up 43.6 cents at $3.98 in Cleveland.

Separately, the average price for diesel fuel fell 3.6 cents to $4.02 gallon, up $1.06 from a year ago, the EIA said.

The New England states had the most expensive diesel at $4.25 a gallon, down 6.6 cents. The Midwest had the cheapest diesel at $3.97 a gallon, down 4.2 cents. (Reporting by Ayesha Rascoe; Editing by David Gregorio)
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A delegation from the UN look at the damage caused by floods inside a UN military base in the town of Hinche September 18, 2008. Haiti has been blasted by four ...



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