50% of oil production and 33% of natty production will be shut in.Comments »
[youtube:http://www.youtube.com/watch?v=tj2s6vzErqY&feature=pyv 450 300]Comments »
321 cracks are +2.2% to $35.57.Comments »
NEW YORK (AP) — Gasoline is near the highest it’s ever been for this time of year, just ahead of the Labor Day weekend.
The run-up in oil prices this year, combined with a rash of refining problems throughout the U.S., has boosted pump prices. The national average on Thursday is $3.629 per gallon. Drivers will pay more for gasoline this Sept. 1 than in any other year except 2008, when pump prices hit an average of $3.686.
Prices are rising despite a drop in U.S. gasoline purchases. Americans may be using less, but drivers in developing nations are using more. That’s pushing fuel prices higher around the world.
Benchmark oil rose 4 cents to $88.85 per barrel in New York, while Brent crude lost 15 cents at $114.70 in London.