You are here
NEW YORK -- For the first time since October 2008, average gasoline prices reached $2.70 a gallon, according to the American Automobile Association's (AAA) daily Fuel Gauge Report.
The national average price for a gallon of regular gas increased from $2.685 Wednesday to $2.709, USATODAY reported, citing AAA and the Oil Price Information Service (OPIS).
Gas prices have followed crude oil prices higher, and crude was trading above $82 a barrel Wednesday, a level not seen since 2008, the report stated.
Gasoline was an average $1.618 a gallon at the pump Jan. 1, 2009, the low for the year. The high for '09 was $2.695 a gallon in October.
While there is no consensus on which direction energy prices will go in 2010, there is upward price pressure on crude oil and gas due to the cold weather in much of the northern hemisphere, the newspaper reported.
Peter Beutel of Cameron Hanover also told USATODAY there is an enormous amount of speculative money coming into the energy market.
Retail Gas Price Hits Eight-Week Low
Gas Prices Up 75-cents From a Year Ago