AAA: Average retail gas prices rising in tandem with oil prices
Crude Oil

With crude oil closing up $1.40 a barrel on Friday on the New York Mercantile Exchange, gas prices at the pumps increased for a second week. In the course of the previous week, the countrywide average price of a gallon of regular gas - which has been rising in tandem with the oil prices - has undergone a rise by 4 cents to $2.52.

While the average gas prices in Florida increased by 3 cents to reach the national average figures of $2.52 per gallon; the average prices in New Mexico and Santa Fe have reached $2.56 per gallon; and those in Las Vegas, Nevada, have increased up to $2.57 per gallon.

Going by the AAA and other oil industry analysts, the retail gas prices have largely followed the movements of oil prices during the most part of summer this year. As such, analysts project that there was no apparent likelihood of any significant move - either up or down - in the gas prices in the near future.

Commenting on the situation, Jessica Brady - AAA's Public and Government Relations' spokesperson - said that with the summer driving season almost coming to a close and with an oversupply of crude, it is hoped that oil prices would fall soon. Brady added: "It wouldn't be surprising to see retail prices slowly decrease over the next couple of weeks."

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