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Latest Business News

Gas Pump Prices Rise, Futures Mixed

Friday, May 18, 2007 11:21:58 PM
By JOHN WILEN

About 5-6 vehicles wait in line at each pump to get gas at this Costco gas station in Sunnyvale, Calif., Friday, May 18, 2007. Regular gas sold at this station for $3.34 per gallon. Gasoline prices set more records at the pump Friday, while gasoline and oil futures prices turned mixed after the previous session's big advance. (AP Photo/Paul Sakuma)NEW YORK (AP) - Gasoline prices set more records at the pump Friday, while gasoline and oil futures prices turned mixed after the previous session's big advance.

Retail gasoline prices rose 1.5 cents overnight to a national average price of $3.129 per gallon, a new high, and have risen 26 cents in the last month, according to AAA and the Oil Price Information Service.

Analysts blame strong consumer demand and a spate of unexpected refinery outages for the high prices, and say it could be mid-summer before they ease.


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