Wednesday, February 16, 2011

Gas Prices 28 Month High

Gas Prices 28 Month High - Gasoline pump prices reached a 28-month high Wednesday even though oil and gas supplies in the U.S. continue to grow and demand for gas is weak.

The national average for regular gasoline rose to $3.133 a gallon. That's about $1.20 more than the price at the pump two years ago, according to AAA, Wright Express and the Oil Price Information Service.

Just eight states have average prices less than $3 a gallon. The cheapest is $2.94 a gallon is in Missouri. Hawaii has the highest average of $3.746 a gallon.

Tom Kloza, OPIS chief oil analyst, predicted gas prices will range from $3.50 to $3.75 a gallon this spring and then drift lower, to between $3 and $3.40 a gallon.

"I do believe that this year is front-end loaded," Kloza said. "I think that perhaps the first third of the year sees higher retail prices for gasoline and diesel . than the middle or final thirds."

Gas Prices 28 Month High

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