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Gas Prices Level Off Above $2 a Gallon

Reduced global demand keeping prices in check

April 10, 2009

Consumers in much of the U.S. are now paying over $2 a gallon for gas, with the average price Friday at $2.052 a gallon, according to AAA. That's up from $2.051 Thursday and $2.041 a week ago.

The average price of regular gas in California is $2.342 a gallon. Motorists in New York are paying an average price of $2.174.

Gasoline prices appear to have stabilized despite some volatility in oil prices. The price of crude has fluctuated between $45 and $55 a barrel in the last few weeks, despite large inventories. The global recession has reduced energy demand in the U.S., as well as the developing world, which was hungrily consuming energy at this time last year.

The price of crude rallied Thursday on the New York Mercantile Exchange, overcoming a report showing U.S. stockpiles near an all time high. Crude prices rose Thursday by more than $2, to more than $52 a barrel. Gasoline futures also rose, with traders lifted by Wall Street's strong rally, and the growing belief among investors that the economy is gradually improving.

But at the moment, consumers and still being careful in their fuel consumption.

The U.S. Energy Information Administration reported this week that U.S. oil inventories rose 1.7 million barrels in the week ending April 3.

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