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Gas prices jump to an average $3.11 a gallon

WASHINGTON — The average U.S. retail price for gasoline jumped 5.6 cents to $3.11 a gallon over the past week, the government said on Monday, reflecting record high oil costs that topped $100 a barrel last week, according to Reuters and reported in USA Today.

The national price for regular gasoline rose to the highest level in two months and was 80 cents above a year ago, the Energy Information Administration said in a weekly survey of service stations.

Rising pump prices are the result of expensive crude oil, which reached $100.09 a barrel last Thursday and now accounts for about two-thirds of the cost of making gasoline. Oil prices have retreated since then and settled at just over $95 a barrel on Monday at the New York Mercantile Exchange.

Posted by Peter C. T. Elsworth  at 1:02 PM to Gas prices | Permalink

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