Last Updated:November 26 @ 05:35 pm

Gas price tops $3.70

By AP Staff

NEW YORK (AP) -- The price of oil is stubbornly holding on to recent gains, and that's causing pain at the pump for U.S. drivers.

Benchmark crude rose 50 cents to $93.23 a barrel Tuesday on the New York Mercantile Exchange and has increased $5 in August. Retail gasoline, meanwhile, topped an average of $3.70 per gallon for the first time since May 19. Most of the country - 39 states - are now seeing higher gas prices than at this time last year.

A surprisingly strong July showing from U.S. retailers released Tuesday is a sign that energy demand could be on its way up.

In London, Brent crude fell 5 cents to $113.55 a barrel on the ICE Futures exchange. It has gained more than $8 per barrel this month.

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1 Comment

  1. CharieComment by Charie
    August 14, 2012 @ 4:04 pm

    In Central Wisconsin it’s $3.899. It skyrocketed just the way our president promised. Who says he doesn’t keep his promises?

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  2. Pingback: Solving the Mystery of Rising Gasoline Prices – Businessweek : wind solar energy resellers

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