Pumped up

National | Business | Dan Perkins

Pumped up

While car buyers continue to demand gas-guzzling SUVs and other low-mileage automobiles, the price of filling up is going up.

Already at a 14-year high of $1.74 per gallon, the average price of gasoline is expected to continue to rise this spring, according to the Energy Information Administration. The federal agency predicts gas prices to top $2 per gallon throughout much of the country heading into the peak summer driving months.

The reason for rising costs? Supply and demand. Facing the highest crude oil prices since 1990, major refiners are buying less, resulting in dwindling inventories of many petroleum products. At the same time, motorists continue to drive gasoline usage higher, up 4.5 percent from last year.

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April 03, 2004, Vol. 19, No. 13

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