Operations

Gas Prices Up More than 5 Cents

Posted on February 28, 2007 by LCT Staff - Also by this author - About the author

WASHINGTON, D.C. — The average price of gasoline in the U.S. bounced up 5.5 cents to $2.296 a gallon, marking the third consecutive week of price increases, according to the U.S. Energy Information Administration (EIA). The stream of price increases signals the start of the yearly jump in fuel prices that typically tapers off in May, though has continued through the summer during the past two years.

"We don't see any indication that we're headed toward $3," as happened the past two years, said EIA senior analyst Mike Burdette. "Realistically, on a given day or week we could see $2.60” this spring or summer, he said. Prices go up because demand does. Americans are using about 3.6% more gasoline than they were a year ago, the EIA said.

Source: USA Today

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