Last Updated:July 2 @ 07:19 am

Gas prices rising

By AP Staff

NEW YORK (AP) - Oil rose above $92 per barrel for the first time in more than two weeks on Monday.

Meanwhile, pump prices have risen to their highest level since early June.

Oil has gained nearly 20 percent since hitting a low of $77.69 in late June. That's meant higher pump prices for motorists during the summer driving season. The price of retail gas has increased about 29 cents since July 1, and is now within a dime of where it was a year ago.

Prices at the pump rose 5 cents over the weekend to a U.S. average of $3.619 per gallon, according to AAA, Wright Express and the Oil Price Information Service. Much of the increase was due to a spike in gasoline prices in the Midwest, where pipeline and refinery problems helped jack up pump prices last week by about 40 cents or more in some parts of Michigan, Illinois and Wisconsin.

Benchmark U.S. crude rose 80 cents to finish at $92.20 per barrel in New York. Brent crude, which is used to price international varieties of crude, rose 61 cents to end at $109.55 per barrel in London.

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Monday's increase for oil followed a big spike on Friday. That's when oil gained almost 5 percent after the U.S. government reported a surge in jobs growth last month, increasing optimism that the economy is on the right track. The pickup in hiring last month was far greater than analysts were expecting and marked the biggest increase since February. Still, the number of jobs added wasn't enough that investors are ruling out some sort of economic stimulus measures by the U.S. Federal Reserve.

Other futures prices on the New York Mercantile Exchange:

- Wholesale gasoline fell .88 cents to $2.9222 a gallon.

- Heating oil rose 1.48 cents to $2.9409 a gallon.

- Natural gas fell rose 3.1 cents to $2.908 per 1,000 cubic feet.

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  1. bgannyfComment by babs
    August 7, 2012 @ 9:22 am

    Please raise your hand if you understand why gas prices are rising? I must be stupid.

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    • capricorn1Comment by capricorn1
      August 7, 2012 @ 9:32 am

      we have very little domestic oil usage for one and every time an arab leader in the middle east sneezes oil prices go up.
      thus we are held hostage for our dependence on them.

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  2. PATRIOTComment by PATRIOT
    August 7, 2012 @ 9:43 am

    Oil prices are rising because of inappropriate policies put into place by progressive politicians as payback to their enviromental extremist base. Remember when Obama made it clear that he had no problem with $5.00 per gallon gasoline? U.S. energy policies create higher oil prices by design.

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    • nickster99Comment by nickster99
      August 7, 2012 @ 10:53 am

      And he meant what he said about $5.00 a gallon gas! If he is re-elected we will see a terrible recession. Much worse that the one we are still in!

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    • clarkentComment by clarkent
      August 7, 2012 @ 1:08 pm

      It’s funny how three refineries and a pipeline went down in the Midwest all at the same time. But I don’t think too many Americans are laughing. Also that false claim that the recessions was over, pure bunk.

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    • SAnnComment by SAnn
      August 7, 2012 @ 1:55 pm

      Recession? If Obama is reelected recession is the last word I would use. How about DEPRESSION and it will be worse than the 1930s Depression. At least in the 30s there were farms scattered throughout the U.S. People were able to grow their own food and helped others that were in need. Think that will occur now? Not likely! Gasoline? If you are lucky and can afford more like the European cost of $7 to $10 a gallon.

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  3. kenny1801Comment by kenny1801
    August 7, 2012 @ 10:14 am

    There’s actually no reason for the USofA to have high ANYTHING! It’s the NITWIT in the White House that’s causing all the PROBLEMS!…It’s time to give the White House an ENEMA come Nov!

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    • ssgkenComment by ssgken
      August 7, 2012 @ 10:27 am

      November 6: Coming Soon To A Voting Booth Near You ! ! !

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  4. Pingback: Oil slips after gaining for 3 straight days; gas prices nearly $3.65 per gallon – Washington Post : wind solar energy resellers

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