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Gas Prices Jump, but May Not Stay High

NEW YORK -- Gas prices jumped Friday to their highest level since June, a possible preview of what many analysts believe will be a record spike in pump prices this spring, according to the Associated Press.

But the current price surge could be short-lived. While gas prices have risen sharply in recent days in response to oil's dramatic climb to a new record above $101 a barrel, gasoline supplies have quietly grown to their highest level in 14 years.

At the pump, gas prices rose 2.9 cents overnight to a national average of $3.115 a gallon, according to AAA and the Oil Price Information Service.

Posted by Peter C. T. Elsworth  at 10:39 AM to Gas prices | Permalink

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