Consumers for the first time this year are paying more on average for a gallon of gasoline than they did 12 months ago, according to data released Tuesday, according to The Associated Press.

There is a good chance that this week, retail gasoline will week surpass peak summer prices reached just over four months ago.

Refiners are cutting back on production now because the cost of the crude that they convert to fuel has been rising fast, but demand for fuel from businesses and consumers remains relatively weak.

Valero, the country's largest independent petroleum refiner, said Tuesday that it lost nearly $500 million over the past three months.

Crude futures rose again Tuesday and for the 14th straight day, so did retail gasoline prices.

A gallon of gas climbed 0.4 cents higher overnight to $2.675 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Prices a year ago were $2.668 a gallon.