Nationwide Gasoline Price Closes in on $4 a Gallon
Americans getting an early start on the Memorial Day weekend found that gasoline prices again sprinted to a new record high overnight, reaching a national average above $3.83 a gallon for regular. Some analysts predict gas will surge past $4 as early as next week. It’s already above that in some places.
Oil prices fell Thursday after setting a new record of $135.09 in overnight trading. A stronger dollar gave some investors reason to sell oil futures to lock in profits from crude’s record run.
Oil prices rose to $135.09 a barrel in overnight electronic trading on the New York Mercantile Exchange before retreating to settle down $2.36 at $130.81 a barrel on the Nymex.
June gasoline futures fell 6.68 cents to settle at $3.3297 a gallon after rising earlier to a trading record of $3.438.
In other Nymex trading Thursday, June heating oil futures rose 4.59 cents to settle at a record $3.9543 a gallon after earlier rising to a trading record of $4.0153.