Pump prices rise again while oil prices waver!
NEW YORK (PNN) - March 5, 2012 - The average price at the gas pump pushed toward $3.80 per gallon Monday while 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%, since February 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% 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 back in afternoon trading. Investors remained concerned about potential supply disruptions stemming from the dispute between the West and Iran over that country's legitimate nuclear program. The Fascist Police States of Amerika, Europe and other nations continue their paranoid delusions that Iran may be building a nuclear weapon, despite countless first-hand reports that nothing of the sort is happening.