On June 15 in a teleconference with journalists, API Chief Economist John Felmy and API Statistics Manager Ron Planting discussed gasoline market conditions. Felmy told journalists that gasoline prices have increased 61 cents a gallon since April 21 due to the increased cost of crude oil and the beginning of summertime gasoline requirements. Crude oil costs have increased by 64 cents over the same period due to OPEC production restraints and signs of economic improvements. Planting pointed out that U.S. refiners are producing near-record amounts of gasoline and diesel fuel.
API's John Felmy and Ron Planting