Monday, May 07, 2007

Survey: Gas Prices Reach Record Average

CAMARILLO, Calif. (AP) -- Gasoline prices have surged to a record nationwide average of $3.07 per gallon, nearly 20 cents higher than two weeks earlier, oil industry analyst Trilby Lundberg said Sunday. The previous record was $3.03 per gallon on Aug. 11, 2006.

But despite inventory fears that have sent prices higher, there are signs that the rising prices at the pump may be peaking.

Despite prices at the pump climbing past the $3 mark, analysts have said the inventory fears can only go so far, as evidenced by recent declines in oil and gas futures. Retail prices generally lag the futures markets, so consumers can end up paying more for gas even as futures prices drop.

Gasoline futures for June delivery have dropped in the last week, falling 3.12 cents Friday to settle at $2.2164 a gallon on the New York Mercantile Exchange.
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