Tags: Oil Prices

Gas Prices Still Climbing, Top $4 in 6 States

Friday, 16 Mar 2012 01:19 PM

 

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Gasoline prices rose again Friday and are now averaging more than $4 in six states plus Washington, D.C.

Retail gasoline prices were up a penny on Friday to a national average of $3.831 per gallon, according to AAA, Wright Express and Oil Price Information Service.

Meanwhile, oil prices rose closer to $106 per barrel and natural gas futures headed back above $2.30 per 1,000 cubic feet.

The average price for a gallon of regular is now above $4 Alaska, California, Connecticut, Hawaii, Illinois and New York.

Gasoline has jumped by almost 56 cents per gallon since Jan. 1 and is the highest ever for this time of year. That's cost drivers an extra $11.20 to fill up a 20-gallon tank.

Luckily, consumers aren't seeing similar increases in other areas. The Labor Department said Friday that excluding energy prices, inflation stayed mild in February. Food prices were unchanged for the first time in 19 months.

Oil markets were calmer a day after the government denied reports that the U.S. and the U.K. plan to release some of their strategic crude reserves. Oil briefly dropped near $104 per barrel Thursday on those reports before recouping most of the losses when the White House said there was no plan to provide more crude to markets.

By midday Friday in New York, benchmark oil for April delivery was up $1.14 to $106.25. In London, Brent crude for May delivery rose $1.92 to $124.52 per barrel on the ICE Futures exchange in London.

Natural gas, which has been trading at prices not seen since 2002, rose 4 cents to $2.32 per 1,000 cubic feet.

Heating oil rose 5 cents to $3.27 per gallon and gasoline futures gained 6 cents to $3.35 per gallon.

___

Alex Kennedy in Singapore and Pablo Gorondi in Budapest contributed to this report.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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