NEW YORK (Reuters) – U.S. average
The price of unleaded super gasoline is $4.019 at a Valero gas station in Los Angeles March 7, 2008. Gas prices extended their advance toward record levels on Thursday. The national average price of a gallon of gas rose 0.7 cent overnight to $3.185, according to AAA and the Oil Price Information Service. Gas prices are following oil higher, and are expected to peak this spring well above last May’s record of $3.227 a gallon.(AP Photo/Damian Dovarganes)
Gasoline prices are rising sharply as refiners, who have kept prices down in order to compete for sales, become more willing to pass on their higher costs of crude oil, according to an industry analyst on Sunday.
The national average for self-serve regular unleaded gas was nearly $3.20 a gallon on March 7, up about 9.44 cents per gallon in the past two weeks, according to the nationwide Lundberg survey of about 7,000 gas stations. The price has risen 64 cents per gallon in the past 12 months.