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Cars Blog

Gas prices rise for 50th straight day

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June 17, 2009 12:14 pm
By Peter C. T. Elsworth

NEW YORK -- Retail gas prices climbed for the 50th straight day Wednesday, the longest streak in records dating to 1996, even as benchmark crude fell for the fourth day in a row, according to The Associated Press.

Historically, filling station prices tend to rise during the summer as millions of vacationing Americans pour onto the highways. A surge in crude prices during the past few months and less production from the refiners that make gasoline has added even more pressure on prices.

Pump prices added a half cent overnight to a new national average of $2.679 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular gas has jumped nearly 37 cents in a month. That's still cheaper than a gallon of gas three years ago at this point in June.

On Wednesday, crude oil tumbled below $70 a barrel after a key government report said U.S. gasoline supplies grew more than expected last week.


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