Gasoline is used for daily life to make the car work, now we can't live without gasoline inmagine. It is an important part of our daily life, so gasoline is in great demand around the world. It is well known that when gasoline is scarce, there is a price that will rise so fast.
Drivers across the country woke up with higher prices at the pump Monday, and retail gasoline rose overnight.
The average price of a regular gallon of unleaded rose $274.20 from one-half of a dime on Sunday, according to AAA, Wright Express and the Oil Price Information Service.
The energy Department's Energy Information Administration, in its weekly gasoline price survey released Monday afternoon, said the average price per gallon rose 2.7 cents to $2.749 from a week earlier. Drivers in California paid $3.13 a gallon, while those in gulf coast states paid an average of $2.59.
Wholesale gasoline prices have climbed steadily since early July. Analysts say it will take a few cents a gallon for retail prices to flatten out.
Oil prices drifted above $79 a barrel earlier in the session after being flat on Monday. Benchmark crude futures settled at $78.98 on the New York Mercantile Exchange. Oil prices remain in the Gulf of Mexico as production and supply industries pose a threat despite tropical Storm Bonnie retreating on its own. Oil prices hit a near 11-week high of $79.60 on Friday, leaving some analysts scratching their heads.
"Traders and investors continue to be like buyers of oil, not immediately or obviously immersed in basic knowledge for reasons," said Cameron Hanover in a report to investors. Energy consultants said some support for oil prices also came from positive earnings reports.
Stocks rose, with the Dow Jones Industrial Average around 70 points in late morning trading. The Nasdaq and S&P 500 also rose. Oil traders often look for signs of overall investor sentiment in stocks. Stocks Monday were better than expected on new home sales clues and an earnings outlook from fedex Corp
In other NYMEX trading, heating oil fell 0.79 cents to end at $2.0426 a gallon, gasoline gave up 1.64 cents to end at $2.1058 a gallon and natural gas rose 3.2 cents to end at $4.612 per 1,000 cubic feet.
In London, Brent crude futures rose 5 cents a barrel to settle at $77.50 a barrel on the ICE futures exchange.
As can be seen from this article, the price of gasoline has increased rapidly and steadily. So, choose the right time to buy gas and don't waste any money.
