Oil and gas prices rise on optimism about the economy
Crude oil leapfrogged its 2009 peak, rising $2.15 a barrel to close at $81.51. That’s its highest level since October 2008. Pump prices for gasoline are sure to follow, analysts said.
Retail gasoline prices are already on the rise at the start of a month in which they usually drop as Americans return from holiday road trips.
In California, the average price of a gallon of regular gasoline rose 5.4 cents over the last week to $2.987, according to the Energy Department’s weekly survey of U.S. filling stations.
Some experts were predicting California gas prices in the $3.15-a-gallon range or higher and a national average of $2.75 a gallon in the coming weeks.
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-- Ronald D. White