Gasoline Prices Continue To Rise

Monday, April 9th 2007, 4:08 pm
By: News On 6

NEW YORK (AP) _ The national average price for gasoline rose for the 10th straight week, according to a government report released Monday.

The U.S. Energy Information Administration said drivers paid an average of $2.802 a gallon for regular gasoline in the week ended April 9, up from $2.707 the previous week.

Retail gasoline prices are up 11.9 cents from a year ago at this time. Prices have risen 54.2 cents over the past 10 weeks, following a previous five-week decline.

The pump price rose most notably in the Midwest region, where average prices climbed 13 cents from the prior week to $2.744 a gallon. However, drivers on the West Coast paid the highest average price of $3.138 a gallon, up from $3.096 a week earlier.

On the New York Mercantile Exchange, gasoline for May delivery fell 3.42 cents Monday to settle at $2.0946 a gallon.

The retail price of gasoline has followed the futures market sharply higher in recent weeks. The jump has been triggered by a decline in U.S. gasoline inventories ahead of the summer driving season, when gasoline demand rises and prices usually peak.

The price of crude oil fell nearly $3 to settle below $62 a barrel Monday on a supply glut at a key U.S. delivery point as tensions with Iran loomed.

Light, sweet crude for May delivery fell $2.77 to settle at $61.51 a barrel on the New York Mercantile Exchange.