"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Friday, May 18, 2007

US gas prices hit record levels and it isn't Memorial Day yet

AAA's Daily Fuel Gauge Report reports the national average for a gallon of regular gasoline (US 3.6 litres) at a high of US $3.114, up from $3.103 on Wednesday and 8.7% higher than a month ago.

Gas stocks are below those one year ago and refineries are reporting production mishaps daily - refiners won't pass up the opportunity to cash in on Memorial Day (May 28th) price hikes.

ConocoPhillips reported a shutdown due to a leak on a sulfur recovery unit at its Sweeny, Texas They also announced closing a 67,000 barrel-per-day gasoline-producing catalytic cracking unit at its 146,000 barrels-per-day Broger, Texas, refinery for a month.

On Wednesday, Valero reported "boiler problems and steam-system issues" at it's huge Houston refinery are units are offline are offline and not producing fuel - but expects to be back to normal early next week.

Due to bad weather conditions, two tankers have been diverted to the Gulf Coast from the East Coast disrupting market flows and producing supply disruptions will will knock on to higher pump prices.

With refiners operating at maximum utilisation and oil prices hovering around US$64 a barrel,with uncertainties in Iraq/Iran /Nigeria there is no prospect of any price falls real soon now.

Should any US readers be contemplating a trip to the UK, pump prices for regular unleaded gasoline are (4.6 litres per gallon) hovering just below US$2 a litre - pushing US$7 for a US gallon - so stop bitching. (For UK pump prices go here - to feel really pissed off go here to discover Channel islands pump price for regular unleaded is about 65p per litre !!)

Kicker - Rooftop Sat-Nav extra in 5 chanel stereo STOP PRESS Ex WBO champion Chris Eubank is selling his Hummer H2 make a bid here

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