Gasoline prices are going up in US
NEW YORK — Drivers across the country woke up to higher prices at the gas pump yesterday, as retail gasoline rose overnight.
The average price of a gallon of unleaded regular gained half a cent from Sunday at $2.742, according to AAA, Wright Express, and Oil Price Information Service.
In its weekly survey of gas pump prices released yesterday, the Energy Information Administration said the average price for a gallon of regular rose 2.7 cents from a week ago, to $2.749. In Massachusetts, the average was unchanged at $2.679. California drivers paid the most at $3.13 a gallon, while motorists in Gulf Coast states paid an average of $2.59.
Wholesale gasoline prices have risen steadily since the beginning of July. Analysts see pump prices rising by a few more cents a gallon before leveling off.
Oil prices were unchanged yesterday after drifting above $79 a barrel earlier in the session. Benchmark crude settled at $78.98 on the New York Mercantile Exchange. Oil prices held their ground despite the retreat of Tropical Storm Bonnie as a threat to production and supply in the Gulf of Mexico. Oil prices are near the 11-week high of $79.60 reached on Friday, which has left some analysts scratching their heads.