Prices at the pump spike overnight in U.S.

August 12, 2005

All this week, prices at the pump have been reaching record levels across the United States. Since yesterday, the price for a gallon of gasoline increased by as much as fifteen cents in some places. Large cities in California, such as San Francisco and Los Angeles, have reported gas prices that top $3.00 a gallon for regular grade, twenty cents higher than the state's average of $2.80. Chicago is reporting gas prices beyond $2.80. These price hikes are a direct reflection of the record price of crude oil at $67 per barrel and the fact that 12 U.S. refineries have reported issues that have affected output.

These price increases are concerning some who worry that those with considerable financial hardships will endure more of a burden. A poll was conducted for The Associated Press and America Online News about whether or not these gas prices will cause problems with people's personal finances and the poll found that 64 percent say gas prices will cause money problems for them in the next six months, while 35 percent did not think so.

According to a AAA Texas motor club spokesman, additional price increases will more than likely continue into the weekend.