Gas prices rise for first time in 120 days: AAA

Bloomberg

Prices at the pump rose Tuesday after having dropped for a record straight days.

SAN FRANCISCO (MarketWatch) — Retail gasoline prices rose less than half a cent on Tuesday, ending a record stretch of declining prices, the longest since travel and leisure organization AAA started tracking retail gasoline prices 15 years ago.

Prices at the pump rose to an average of $ 2.038 a gallon, according to travel and leisure group AAA’s website, which tracks gasoline prices nationwide. That’s up from an average $ 2.033 a gallon on Monday and after falling for more than 120 days.

Despite the uptick, gasoline prices are hovering above their lowest levels in six years, and are down nearly 40% from a year ago. More than half U.S. states had gasoline prices under $ 2 a gallon as of last week, with six out of 10 gas stations selling gas for less than $ 2 a gallon, AAA said.

Oil futures have stumbled in the past six months, but on Monday crude futures prices traded marginally higher at $ 45.32 a barrel on the New York Mercantile Exchange.

Wall Street expects a global crude oversupply to persist through at least the first half of the year due to lower demand and higher production, particularly from producers outside the Organization of the Petroleum Exporting Countries.

Gasoline prices often move higher in early February, as refineries perform scheduled maintenance and outages ahead of the spring and summer driving season in the U.S.


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