Gasoline Streak Reaches Record Level

Retail gasoline prices post their 49th consecutive daily advance, and with wholesale prices already up by some 5-6 cents a gallon in Tuesday morning markets, the streak looks certain to move into the 50s in the next few days, according to Tom Kloza, chief oil analyst with the Oil Price Information Service.
The Tulsa market mirrored that trend until today. Retail prices for unleaded self-serve regular, hovering around $2.50 for the first half of June, dipped to $2.409.
OPIS Retail Director Fred Rozell notes the last day that saw a decrease in nationwide retail gasoline was April 28, when unleaded regular declined from $2.048 gal from $2.05 gallon the previous day. Since then, the market has climbed steadily to where unleaded regular now averages $2.674 gal nationally at some 120,000 fuel sites monitored each day by OPIS.
The current price is about $1.06 gallon above the Jan. 1 starting point but it is about $1.40 a gallon below the $4.08 gallon average value seen on June 16, 2008.
“This is unprecedented, “ Rozell said, adding that even during the strong rallies in 2007 and 2008, prices tended to back off after 20-40 cents a gallon gains. He added that the previous record for daily gasoline increases came in winter 2007 when prices moved up 48 straight days from January 31 through March 18.
The highest priced gasoline is in California. The state moved above $3 a gallon this weekend and now features an average unleaded regular number of $3.014 a gallon. The cheapest gasoline is in South Carolina, which sports an average price for unleaded regular of $2.477 a gallon.
OPIS’ historical database for retail gasoline stretches back to 1996.
The retail increases have been striking, but the advance in wholesale gasoline prices during the 49 day streak is even more spectacular. The wholesale price of unleaded regular gas has advanced by 66 cents a gallon in California; 72.5 cents a gallon in New York; 76.25 cents a gallon at the Gulf Coast; and by 78 cents a gallon in Chicago since the April 28 close.

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