Wednesday, February 16, 2011

Another Price Inflation Sign: Gasoline Prices at 28 Month High

Gasoline pump prices reached a 28-month high Wednesday. according to AAA, Wright Express and the Oil Price Information Service.

The national average for regular gasoline rose to $3.133 a gallon. That's roughly $1.20 more than the price at the pump two years ago.

Just eight states have average prices less than $3 a gallon. The cheapest is $2.94 a gallon is in Missouri. Hawaii has the highest average of $3.746 a gallon.

On the Nymex benchmark West Texas Intermediate crude for March delivery rose 67 cents to settle at $84.99 per barrel. Brent crude rose $2.14 to settle at $103.78 per barrel on the ICE Futures exchange.

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