NEW YORK -- Retail gasoline prices climbed to another record yesterday , while crude oil futures jumped above $66 per barrel amid concerns about gasoline supply heading into the peak summer driving season.
A gallon of regular unleaded costs an average of $3.196 across the country, up from $3.178 on Sunday, according to AAA and Oil Price Information Service. Prices are up 33.7 cents from a month ago and 30.4 cents from a year ago, as demand remains strong, and a spate of refinery shutdowns have constricted supply.
"As we start a new week, we have an insanely bullish market -- which has already advanced to absurdly high levels," Cameron Hanover's Peter Beutel wrote in a research report.
The US Energy Information Administration reported last week that gasoline inventories -- while increasing to 195.2 million barrels for the week ended May 12 -- are still well below the average for this time of year. The nation's peak driving season, meanwhile, is set to begin this long Memorial Day weekend.