With average U.S. oil prices at their highest for this time of the year, gasoline prices likewise
climbed to their highest average for the first 12 weeks of the year.
The benchmark WTI crude rose 16 cents this week to $107 a barrel on the NYMEX. That helped
push up the national average for a gallon of regular gasoline 5.1 cents over the last week to
$3.91. That was 32.2 cents higher than a year earlier.
However, in California, the average price for a gallon of regular gasoline fell for the second
straight week, dropping 1.6 cents to $4.36 a gallon.
Analysts weren’t willing to bet that California gasoline prices had peaked. Moreover, they were
concerned about the continuing rise in prices across much of the U.S.