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Gas Prices Up Slightly Over Last Week

Prices hover around half last year's levels

April 3, 2009

The average price of regular gasoline continues to steadily rise. The latest AAA Fuel Gauge Report shows the nationwide average has reach $2.041 a gallon, up less than a nickel from last Friday.

Eight days ago the nationwide average went over the $2 a gallon level for the first time since November 2008. A year ago, prices were on their way toward $4, with the average gallon of gas costing $3.287.

The western U.S. has some of the most expensive, and some of the cheapest gas in the country. California, Nevada, Hawaii, Alaska, Washington and Oregon all have average gasoline prices above $2.12 a gallon. Idaho, Wyoming, Utah, New Mexico and Arizona all have average prices below $1.95 a gallon.

Defying the law of supply and demand, the price of fuel has continued to rise over the last few weeks, even though U.S. stockpiles remain quite high.

For the week ending March 27, the U.S. had 359.4 million barrels of oil on hand, according to the U.S. Energy Information Administration. That’s an increase of nearly three million barrels since last week. Gasoline supplies rose to 216.8 million barrels, an increase of more than two million barrels.

However, this is normally the time of year that gasoline prices begin to rise, in anticipation of the summer driving season. But because of the recession, consumer demand has remained below normal. It remains to be seen whether that trend lasts.

Phil Flynn, an analyst at Alaron Trading in Chicago, told Reuters the combination of flush inventories and slack demand could work to consumers' advantage.

"Gasoline prices could actually start falling into the Memorial Day holiday," Flynn said.

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