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Oil costs force LPG, Mobil to hike prices
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Posted on Jul 07 2008
Record high oil prices drove up prices at Mobil gas stations throughout the Commonwealth for the third time in two months yesterday, a spike that is likely to add to the already heavy financial strain gas costs have put on local drivers.
Crude oil prices per barrel reached an all time high of $145.85 on July 3 but had dropped slightly as of press time to $144.20.
On Saipan, prices at Mobil station’s jumped 25 cents to $5.05 per gallon. Mobil’s diesel prices saw a corresponding increase of 31 cents to 5.98 per gallon. The price hike appears confined for now to Mobil stations. However, Shell stations matched Mobil’s price increases last month later in the same week and a Shell station attendant said the company’s staff is expecting to receive word of a price increase soon.
Observers attributed the price rally in part to fresh assertions by officials in Iran, the world’s fourth largest exporter of oil, that they will continue enriching uranium for the nation’s controversial nuclear program, and fears any military confrontation over the program will disrupt shipments.
High demand and the weak dollar is also being blamed for the soaring prices of crude oil.
OPEC President Chakib Khelil told an energy conference in Algiers on Sunday that the steady price increases of late were unrelated to supply and demand, blaming the weak U.S. dollar, oil’s primary currency of exchange.
According to the AAA fuel gauge report, July 5th gas prices reached an all time high across the nation. One gallon of regular unleaded hit $3.94. Diesel prices continue to hover around $4.64.
Last year regular unleaded gas costs $2.74 a gallon.
The national average is $4.10 for regular unleaded. (with AP)
[B]NEW MOBIL PRICES[/B]REGULAR
Self service $5.05 per gallon.
Full service $5.189 per gallon
PREMIUM
Self service $5.20 per gallon
Full service $5.32 per gallon
Diesel $5.97 per gallon
