Oil near a new high for the year, Retail gas edges up
Retail gas prices rose slightly last week, the first time that’s happened in two months, according to government figures released Tuesday, as refiners shut down operations to account for very weak demand.
Nationwide, gasoline prices rose about 2 cents to $2.489 per gallon, according to the Energy Information Administration.
Prices rose especially quickly in the Midwest but the cost for gasoline was already so low, the jump of 8 cents still puts an average gallon of gas at $2.44. That’s 55 cents cheaper than last year in the Midwest, when gasoline was in a free fall because of the economic crises.
Gas prices in California and along the West Coast can distort the national picture. In every other region, the average gallon of gas cost less than $2.50. Read more
