JUST when island residents were getting used to lower gasoline prices, Mobil, Shell and 76 yesterday raised prices at the pump by 15 cents.
Three weeks after gas prices dropped on June 25 from $4.42 to $4.27 for a regular gallon of unleaded fuel, prices have gone back up to $4.42. Unleaded fuel started to go down on May 21 when it went down from $4.87 to $4.77. On June 5, it dropped again to $4.52 and then to $4.42 on June 19.
Meanwhile, Bloomberg reports that oil futures went down in early Asian trade yesterday, thus breaking down five days of gains.
This was attributed to U.S. Federal Reserve Chairman Ben Bernanke’s recent statement, saying there are still no signs of strong recovery in the U.S., which is known to be the world’s biggest oil consumer.