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U.S. Gasoline Prices Jump
Americans are paying an average of $3.55 per gallon for gasoline nationwide, up 25 cents from a month ago, according to the AAA Daily Fuel Gauge Report.
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Americans are paying an average of $3.55 per gallon for gasoline nationwide, up 25 cents from a month ago, according to the AAA Daily Fuel Gauge Report.
Some of the surge in pump prices has been caused by disruptions to refinery output, analysts say. The other major factor is the soaring cost of petroleum. Crude oil futures have jumped about $10.75 since mid-December, closing at $96.62 per barrel on Wednesday on the New York Mercantile Exchange.
Traders attribute gains in oil futures to fears that tensions in the Middle East could tighten petroleum supplies. Those worries ratcheted up on Wednesday when the U.S. said it would impose new sanctions that target Iran's oil revenue.
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