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Abstract
Motorists will face near record pump prices across the nation this Memorial Day, despite earlier predictions from Clinton administration officials that retail gasoline prices would begin to recede. Pump prices in the U.S. jumped 3.4 c/gal over the previous week, according to the Energy Information Administration (EIA). Retail gasoline prices have risen for three consecutive weeks, adding more than 10.5 c/gal over that time and eclipsing EIA's forecast earlier this month that summer gasoline prices would crest at $1.45/gal.
Crude rallied on stronger gasoline, and OPEC leaders seemed to dismiss [Bill Richardson]'s renewed pleas for more oil. OPEC earlier said it would adjust output by 500,000 b/d if its twenty-day price average moved outside a $22- $28/bbl range. Last week, the average stayed below $27/bbl, but near-month crude contracts on the NYMEX vaulted past 30/bbl.