Gasoline More Costly Than A Year Ago
The average price of gasoline is now higher than it was a year ago for the first time since late April.
The national average for retail gasoline was $3.662 per gallon Thursday, a penny higher than it was on this date in 2011.
Analysts expect prices to continue to rise through Labor Day because of refinery and pipeline issues that have affected supplies.
Meanwhile, oil prices are higher after China reported disappointing economic news. That’s renewing speculation that the government will do more to help China’s economy improve.
Benchmark oil rose 13 cents to $93.47 per barrel in New York. Brent crude gained 67 cents to $112.81 per barrel in London.
Natural gas prices are up 5 percent on a smaller-than-expected increase in U.S. supplies.