Sunday, March 18, 2012

Gas Prices Still Going Up, Refineries Shutting Down

Posted By on Sun, Mar 18, 2012 at 11:12 AM

Energy industry analysts say there's no relief in sight at the nation's gas pumps.

While prices jumped 6 percent in February, market experts said many of the nation's refineries have been idled or shut down permanently because their owners claimed they were losing money on them. According to the Wall Street Journal, Sunoco is expected to close another of its large refineries this July, "taking another 335,000 barrels per day in production capacity off the market."

Nationwide, prices at the pump averaged $3.83 a gallon on Friday, according to the AAA. That's only about 6.7 percent below the record high of $4.11 from July 2008.

In Idaho, the cheapest unleaded gas reported in the last 48 hours was $3.51 a gallon at three stations near Coeur d'Alene. The highest prices were reported at a service station in Salmon with gas at $3.84 a gallon, and in South Boise with a price of $3.81 a gallon.

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