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After sharp rise, gas prices level off

Associated Press / November 3, 2009

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NEW YORK - Gasoline’s post-summer ascent leveled off over the weekend, just as consumers begin to decide whether the money they pour into their tanks will force them to cut back on holiday spending. Retail gas prices have jumped about 23 cents since the beginning of October, reaching a high for the year on Friday.

The average price for a gallon of regular unleaded fell two-10ths of a cent to $2.691, according to the auto club AAA.

The Energy Information Administration put the national average for unleaded regular at $2.694 per gallon yesterday, a 2-cent jump from the previous week, the fifth straight advance.

Benchmark crude for December delivery rose $1.13 to settle at $78.13 on the New York Mercantile Exchange.