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Pump Pressure: Gas Prices Jumped 15 Cents in 2 Weeks
Aired August 25, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now though to get a little business buzz. Gas prices are zooming ever higher. To find out if Americans are going to get some relief at the pumps anytime soon, let's head to the Nasdaq market site and Carrie Lee.
Welcome back -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Thank you, Carol.
Americans, a lot of people know, are paying near record high prices at the gas pump. Prices are expected to fall a bit, however, in the coming weeks.
Now according to the Lundberg Survey, the national average price soared 15 cents over the past two weeks to $1.72 per gallon. And that rise is the largest in the survey's 50 years. Now the current price is a penny less than the all-time high, which was back in March.
Here are some prices across the nation. Take a look at Phoenix, well over $2 a gallon, $2.12 to be exact, that's because of a pipeline that burst in early August, cutting supply to that area. The rupture affected the West Coast as well. Sacramento, for example, in California, $2.02 on average, Las Vegas about $1.88, Chicago $1.83 and El Paso, Texas $1.59. So quite a bit higher than some people have been used to paying.
Also, remember some refineries in the Midwest shut down because of the blackout and that hurt production as well, Carol. So certainly something affecting a lot of people for the summer driving season. And in the weeks to come, maybe we'll see a little bit of a come -- prices coming down a little bit.
COSTELLO: We hope so. Quick look at the futures.
LEE: Futures actually look a bit lower right now. The Dow, the Nasdaq did pretty well last week, even though each index lost about three-quarters of 1 percent. The Nasdaq, in fact, gained 3.7 percent while the Dow was up fractionally, but we'll see -- we'll see what happens today. Futures looking lower though, as I said, early this morning.
Carol, back to you.
COSTELLO: All right. Carrie Lee, we'll get back to you, thank you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired August 25, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now though to get a little business buzz. Gas prices are zooming ever higher. To find out if Americans are going to get some relief at the pumps anytime soon, let's head to the Nasdaq market site and Carrie Lee.
Welcome back -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Thank you, Carol.
Americans, a lot of people know, are paying near record high prices at the gas pump. Prices are expected to fall a bit, however, in the coming weeks.
Now according to the Lundberg Survey, the national average price soared 15 cents over the past two weeks to $1.72 per gallon. And that rise is the largest in the survey's 50 years. Now the current price is a penny less than the all-time high, which was back in March.
Here are some prices across the nation. Take a look at Phoenix, well over $2 a gallon, $2.12 to be exact, that's because of a pipeline that burst in early August, cutting supply to that area. The rupture affected the West Coast as well. Sacramento, for example, in California, $2.02 on average, Las Vegas about $1.88, Chicago $1.83 and El Paso, Texas $1.59. So quite a bit higher than some people have been used to paying.
Also, remember some refineries in the Midwest shut down because of the blackout and that hurt production as well, Carol. So certainly something affecting a lot of people for the summer driving season. And in the weeks to come, maybe we'll see a little bit of a come -- prices coming down a little bit.
COSTELLO: We hope so. Quick look at the futures.
LEE: Futures actually look a bit lower right now. The Dow, the Nasdaq did pretty well last week, even though each index lost about three-quarters of 1 percent. The Nasdaq, in fact, gained 3.7 percent while the Dow was up fractionally, but we'll see -- we'll see what happens today. Futures looking lower though, as I said, early this morning.
Carol, back to you.
COSTELLO: All right. Carrie Lee, we'll get back to you, thank you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
