US gasoline prices jump to record above US$3.73 as oil rises (Oil …- About: gas prices
Prices have now risen to the level at which the Energy Department forecasts they´ll peak in June, on a monthly average basis that means prices may still go higher, but their average will peak at around $3. Many analysts have predicted prices will surge much higher, and may breach the psychologically important $4 level on a national basis within the next couple of months. The primary factor driving gas prices higher is the price of crude, which has doubled in the last year. As long as crude prices keep rising, gas prices may buck their normal pattern and follow, Ritterbusch reasoned. Oil prices were following heating oil futures higher Tuesday, analysts said, on reports that stocks of distillate fuels, which include diesel fuel and heating oil, fell last month in Europe amid rising demand, Ritterbusch said. Meanwhile, the International Energy Agency, an adviser to mostly western, industrialized nations, said high prices are cutting demand for oil and petroleum products in the U. read more
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