Gasoline Tops $3.75 at the Pump

Gasoline Tops $3.75 at the Pump

Gasoline pump prices soared above $3.75 a gallon and oil prices fell as an Energy Department report painted a mixed picture of the nation’s petroleum reserves.

Light, sweet crude for June delivery fell $1.58 to settle at $124.22 a barrel on the New York Mercantile Exchange.

At the pump, the average national price of a gallon of regular gas rose 2.6 cents overnight to a record $3.758 a gallon, according to AAA and the Oil Price Information Service. Gas prices are 67 cents higher than a year ago, and are expected to continue rising at least until the Memorial Day weekend.

June gasoline futures fell 1.96 cents to settle at $3.1804 a gallon.

In other Nymex trading, heating oil futures fell 8.11 cents to settle at $3.6178 a gallon, and June natural gas futures rose 17.6 cents to settle at $11.598 per 1,000 cubic feet.

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