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Gasoline prices get early start on spring surge

2 years ago February 01, 2013 Feb 1, 2013 Friday, February 01 2013 Friday, February 01, 2013 4:40:38 AM CST in News
Source: Associated Press

NEW YORK - Gasoline prices are getting an early start on their annual spring march higher.

The average retail price rose 13 cents over the past two weeks to $3.42 per gallon, and within a few days it will likely set a record for this time of year.

The culprits: Rising crude oil prices, slowing output at refineries that are undergoing maintenance, and low supplies of gasoline.

These are the kinds of thing that push gasoline prices higher every spring.

Hopes of stronger economic growth in the U.S. and abroad helped push the U.S. stock market to a five-year high in January and sent crude prices up. When economies expand, more gasoline, diesel and jet fuel are consumed by shippers and travelers.

Retail gasoline prices have risen for 14 days straight, according to AAA.

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