NEW YORK (AP) — Gasoline prices are up for the 24th straight day as service stations continue to price in a 10-percent rise in oil this year.
The national average for gasoline hit $3.741 per gallon on Friday. That’s an increase of 46.5 cents per gallon since the start of 2012. Gasoline has never been this high at this time of year, and analysts say it could reach a record of $4.25 per gallon by late April.
Gasoline has surged as its primary ingredient, oil, gets more expensive. Oil prices have climbed since January on fears that world supplies could be reduced as the West confronts Iran over its nuclear program.
Benchmark crude fell by $1.66 to $107.18 per barrel Friday after Saudi Arabia denied an Iranian media report of a Saudi pipeline explosion.