Gasoline Heads Toward $3 in U.S. For First Time in Six Years
- EIA data show weekly inventories fell by a record since 1990
- Major U.S. refiners hit by freeze, halting fuel production
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A record plunge in gasoline stockpiles last week is threatening to raise pump prices across America above $3 a gallon for the first time in six years.
Inventories fell by 13.6 million barrels -- the most in weekly data that goes back to 1990 -- after a deep freeze paralyzed much of the Gulf Coast refining sector, according to the U.S. Energy Information Administration. Demand for the fuel meanwhile rose by the most since May.