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Pump prices rise again; oil prices remain steady

Pump prices rise again; oil prices remain steady

March 5th, 2012 in News

The average price at the gas pump pushed toward $3.80 per gallon Monday as oil prices remained stubbornly high because of tensions tied to Iran's nuclear program.

The nationwide average for gasoline rose less than a penny overnight to $3.77 a gallon, which was the 27th consecutive day of gains, according to AAA, Wright Express and the Oil Price Information Service. The price has risen 32 cents, or 9.3 percent, since Feb. 1.

OPIS chief oil analyst Tom Kloza said the average price could reach $4.25 per gallon by late March or April but the pace of the increase should slow. Gasoline has tracked oil prices, which have risen about 8 percent since the end of January. Also, refineries have begun switching to costlier summer blends of fuel. That adds about 10 cents to a gallon of gas.

Oil prices topped $107 per barrel in New York before falling in afternoon trading.