Monday, May 3, 2010

Gas prices jump, oil futures edge up

A beach after an oil spill.Image via Wikipedia

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Gasoline prices are rising nationwide as the summer driving season nears, and oil futures appear poised for a breakout on encouraging economic news and fears about the seriousness of the Gulf of Mexico oil spill.

Over the last week, pump prices saw their biggest jump in more than a month, according to the Energy Department's weekly survey of U.S. filling stations.

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Nationwide, the average price of a gallon of regular gasoline rose 4.9 cents to $2.898. In California it rose 3 cents to $3.118.

The national average is 82 cents higher than it was a year earlier; the California average is 76.3 cents higher. California had the highest price in the survey. Colorado had the cheapest average, at $2.727 a gallon.

Oil prices drew strength Monday from government data that showed that consumer spending in March rose the fastest in five months.
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