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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Gas prices rebounding nationwide

Compiled from staff and wire reports The Spokesman-Review

U.S. gasoline prices appear to have bottomed at a nationwide average $2.122 per gallon after falling continuously since Oct. 5, and have been climbing all this week, according to travel club AAA.

Some experts had predicted U.S. averages less than $2.10 before a rebound, so the price increases have come a bit early. And if prices continue to rise steadily, it means the usual spring spike will come atop already steep fuel prices.

The average “will almost certainly rise 50 cents to $1 a gallon in the spring,” says Tom Kloza, senior analyst at the Oil Price Information Service. That would mean a U.S. average as high as $3.12 in the spring, a nominal record but just shy of one when inflation is taken into account.

The inflation-adjusted record price is $3.127, set March 1981 when gasoline averaged $1.417, according to the U.S. Energy Information Administration. That inflation-adjusted number will rise slightly by spring.

Prices often spike in spring because warm weather spurs more driving, pushing up demand and drawing down supplies. And refineries are required to begin producing costlier summer-blend, clean-air gasoline.

AAA reported a U.S. average $2.149 Thursday, based on transaction data collected for it by OPIS from more than 60,000 service stations. That was up 1.1 cents overnight, and was 2.7 cents more than the apparent bottom reported Monday.

Statewide averages were less than $2 in four states earlier in the week, but only one - Oklahoma - posted a sub-$2 average Thursday, and just barely: $1.995.

AAA’s nominal record: $3.057 Sept. 5. The average drifted, fell continuously from $2.941 recorded Oct. 5.

The price rise is somewhat surprising because U.S. inventories of gasoline are up - albeit remaining in the lower part of the average range - and supplies of crude oil from which gasoline is made are above average, according to EIA. In fact, the Louisiana Offshore Oil Platform, where many oil tankers deliver their loads, temporarily halted deliveries because it has so much light, sweet crude on hand, according to Peter Beutel, head of energy price tracker Cameron Hanover.

Oxyfresh buys competitor Fit and Fabulous

Coeur d’Alene Oxyfresh Worldwide Inc. has purchased a Texas competitor, increasing the company’s line of nutrition and weight loss products.

Fit and Fabulous, based in Fort Worth, will also bring about 1,000 new distributors to Oxyfresh, which is a multi-level marketing firm similar to Amway. Oxyfresh sells health, beauty and pet products through 60,000 independent distributors, including doctors, dentists and veterinarians, according to Richard Brooke, company president.

In addition to Fit and Fabulous’ product line, Oxyfresh was interested in the racial and ethnic diversity of Fit and Fabulous’ distributors, Brooke said. Ethnic groups tend to do a lot of networking with people of the same culture, which will help Oxyfresh branch out into new markets, he said.

Dave Austin, the founder of Fit and Fabulous, will also join Oxyfresh as a training and marketing expert. Austin has spent 30 years in the multi-level marketing industry. He has done past consulting work for Oxyfresh.