Tuesday, May 12, 2009

Gas prices rose several cents overnight and are up 40 percent from January just as summer nears. Coincidence?

Retail gasoline prices rose again overnight and are now up nearly 40 percent from the start of the year, while the price for crude on Tuesday topped $60 a barrel for the first time since early November.

Just a week ago, drivers nationally paid about 17 cents less for a gallon of gas on average.

Crude wavered after hitting $60.08 early Tuesday, but still closed up 35 cents at $58.85 a barrel on the New York Mercantile Exchange. That's more than 80 percent above prices in December when crude was bottoming out.

Prices at the pump rose 2.2 cents to $2.248 a gallon overnight, according to motor club AAA, Wright Express and Oil Price Information Service. While the cost for a gallon has risen less than a quarter in the past month, most of that increase, 16.9 cents, has occurred in just the last week.

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