Gasoline Price Rise Stalls
For the first time in 18 days, retail gasoline prices fell — if only slightly. Some analysts think pump prices may be near or at a peak for the year. Oil futures, meanwhile, soared after Turkish airstrikes on Kurdish rebel bases in Iraq injected some supply concerns into the market and the Labor Department’s employment report gave investors reason to be optimistic about the economy.
Light, sweet crude for June delivery rose $3.80 to settle at $116.32 a barrel on the New York Mercantile Exchange.
The national average price of a gallon of regular gas fell 0.1 cent overnight to $3.622, according to a survey of gas stations by AAA and the Oil Price Information Service. That’s the first time since April 14 that retail prices have fallen. Diesel prices fell 0.2 cent to a national average of $4.249 a gallon.
June gasoline futures gained 8.82 cents to settle at $2.9664 a gallon, and June heating oil futures rose 10.10 cents to settle at $3.2187 a gallon.
Natural gas futures picked up 21.6 cents to settle at $10.777 per 1,000 cubic feet.
Chevron Makes Record Profit on Exploration and Production
