Retail gas prices have risen for the 50th straight day Wednesday, marking the longest streak since 1996. Benchmark crude oil also rose for the fourth straight day.
Historically, gas prices increase during the summer due to the millions of Americans traveling during summer vacation.
Pump prices added a half cent overnight to a new national average of $2.679 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular gas has increased nearly 37 cents in a month, but it is still cheaper than a gallon of gas three years ago at this point in June.
On Wednesday, crude oil fell below $70 a barrel after a key government report said
Benchmark crude for July delivery fell $1 to $69.47 on the New York Mercantile Exchange. In
The Energy Information Administration report said gasoline reserves grew last week by 3.4 million barrels, or 1.7 percent, to 205 million barrels. Analysts expected stockpiles of the motor fuel to rise by 650,000 barrels, according to Associated Press.
Demand for gasoline is averaging nearly 9.3 million barrels a day over the four weeks ended June 12, which is up 1.1 percent from last year.
Crude inventories fell last week by 3.9 million barrels, or 1.1 percent, to 357.7 million barrels, the report said.
Oil prices this week have come off eight-month highs near $73 a barrel amid some signs that the
Barrels are priced in
In other Nymex trading, gasoline for July delivery tumbled 6.37 cents to $2.0074 a gallon and heating oil dropped 1.3 cents to $1.812. Natural gas for July delivery added 2.1 cents to $4.150 per 1,000 cubic feet.
###
Click here for more Business News
About YourFINDit
YourFINDit Community is a business, music and social networking community. YourFINDit provides members with a wealth of applications that enable them to create an in depth profile within YourFINDit. Profiles include an About Me, Background and Lifestyle, Videos, Photo sharing, News, Music, Blogs, unique URL and networking with other members inside the YourFINDit community. YourFINDit provides ADit to each member providing them the opportunity to have an exclusive profile (no outside advertising) displaying only banner ads they upload to their pages. Members can run their own ads or give or sell their ad space to advertisers at prices the member sets.
To create your profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.
YourFindit is owned and operated by TransWorldNews, Inc., a news and press release distribution service.
