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Pain at the pump

posted 25 Feb 2011, 15:26 by Sam Mbale   [ updated 25 Feb 2011, 15:27 ]
As Americans head out this weekend they'll notice it is costing a lot more to fill up their gas tanks as oil prices sit near $100 a barrel.
USA-OIL GAS PRICE - Americans heading to the gas station this weekend will notice it's going to take a lot more to fill that tank.

Average gasoline prices are moving closer to $4 a gallon as oil prices hover near $100 a barrel.

And that price gain is on top of a recent surge at the pump.

Last weekend, the average price for a gallon of gasoline was already up 5 cents from two weeks earlier, according to the latest Lundberg Survey of some 25-hundred gas stations nationwide.

And gasoline prices are expected to climb further, following a 13-1/2 percent rise in crude oil prices this week, which settled Friday at a 2-1/2 year high.

Some of the rally eased on word Saudi Arabia was boosting production to offset any supply disruptions in Libya, but that won't be enough to significantly ease that pain at the pump.

It may be a lonely weekend for the neighborhood gas station attendant.

Conway Gittens, Reuters

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