Gasoline Prices Up on Higher Crude Oil Costs
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The average U.S. retail price for regular gasoline rose 1.7 cents to $1.49 a gallon, a signal that refiners are beginning to pass along higher costs for crude oil, the Energy Department said.
The price of crude oil, which accounts for more than two-fifths of the cost of making gasoline, has risen 22% since the end of April, partly on expectations that Saudi Arabia and other top producers would cut production in coming months.
The nationwide gasoline average, which reached a four-month low in the week ended June 2, still was down 14% from a record $1.728 in the week ended March 17.
Although gasoline prices on the West Coast declined 2 cents to $1.657 a gallon, fuel in the region remained the most expensive in the country.
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