Despite the rise in gasoline prices yesterday, oil prices fell 73 cents to $82.20 a barrel on the New York Mercantile Exchange.
(Hasan Jamali/Associated Press/File 2009)
US gasoline prices highest since ’08
Despite the rise in gasoline prices yesterday, oil prices fell 73 cents to $82.20 a barrel on the New York Mercantile Exchange.
(Hasan Jamali/Associated Press/File 2009)
Motorists are paying the highest prices for gas since October 2008. Retail gasoline prices rose yesterday on an expected increase in demand and as more expensive spring and summer blends of gasoline make their way to the pumps.
The nationwide average hit $2.799 per gallon, a penny higher than Wednesday, according to AAA, Wright Express, and Oil Price Information Service.
Prices have now jumped 18.9 cents in the past month and are 87.9 cents higher than year-ago levels. Back on Oct. 23, 2008, prices averaged $2.8215 per gallon.
The Energy Department and many industry specialists expect prices to top $3 this spring.
Gasoline prices tend to move higher in the spring as more drivers hit the road and refiners shut down units for maintenance, as they prepare to make more expensive summer blends of gasoline with fewer smog-causing emissions.
Wholesale gasoline prices also are at their highest point since October 2008. Americans now spend about a $1 billion a day to keep their cars and trucks filled, a rise of nearly $300 million from a year ago.
With the average driver using about 50 gallons a month of fuel, the bill runs $140 per month and is expected to rise.
The hit from gas prices comes as oil prices backed off their two-month highs yesterday.
Crude prices fell 73 cents to $82.20 a barrel on the New York Mercantile Exchange.
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