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03:26 p.m. EDT, July 13, 2007
Overnight the average national price of gasoline climbed 2.6 cents to $3.026 according to the Oil Price Information Service and AAA.
Although per gallon amounts have fallen steadily since the May high of $3.227, the numbers have gone up 7.7 cents over the past week.
This time, however, the $3 price point may be short-lived with the BP PLC refinery of Whiting, Indiana prepared to come back online this weekend after being shut down for repairs. The facility produces approximately 250,000 barrels per day.
The temporary shut down of the Whiting refinery as well as one in Coffeyville, Kansas due to recent flooding has, according to analysts, played a major role in sending prices at the pump back up.
At the same time, however, gas futures have reacted to the current climate with a drop as investors begin to sense gasoline production finally catching up with demand. Typically prices at the pump are lower that those on the futures market.
Light, sweet crude marked for delivery in August was down 6 cents on Thursday, July 12 settling at $72.50 per barrel with August gasoline decreasing 4 cents to $2.2663 per gallon.
On the Nymex futures for heating oil came town 0.51 cents to $2.0957 per gallon with natural gas following suit down 10.3 cents to $6,497 per 1,000 cubic feet.
These downward trends in prices at the pump may head back up, however, with the Labor Day weekend, a popular final summer travel holiday, just a month away.
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