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Tuesday, Nov 3, 2009 @07:48am CST (Washington, DC) -- We're now paying more on average for a gallon of gasoline than at any point during this year. The latest numbers from the Energy Department peg the price of gas at $2.69 a gallon, up 2-cents from last week and 29 cents higher than this time last year. Crude oil prices have been on the rise in recent months, prompting the cost of gasoline to spike. Since the start of October, the cost of a barrel of crude has risen by around $10. A senior analyst with the Energy Department says with every dollar the price of oil rises, gasoline goes up by about 2.5-cents a gallon. Based on that, the government expects gas prices to rise nearly a 25-cents a gallon in the coming weeks given the run-up in oil. (Copyright 2009 by VERTEXNews/Newsroom Solutions) |