Gas prices continue to rise, no end in sight


Northeast Ohio motorists will need extra cash at the pump this week since prices increased 20 cents per gallon to $3.728 for regular unleaded gasoline.

According to the AAA East Central's Fuel Gauge, after breaking through the $108 per barrel threshold Monday, crude oil prices settled up 53 cents at $108.47 at the close of formal trading on the NYMEX.

Unrest in the Middle East and Northern Africa continue to be the driving force in the crude-oil market.

Analysts pointed to continuing violence in Libya, along with escalating unrest in Syria and Yemen, as increasing uncertainty surrounding the future of crude-oil supply in the region. Additionally, the threat of radiation in Japan after the March 11 earthquake and tsunami continued to add its own uncertainty to the oil market, the AAA said in a press release.

Higher crude-oil prices from continued supply uncertainty overseas, along with the change from winter-blend to summer-blend gasoline, have driven the recent rise in the average price of gasoline at the pump to their highest level since September 27, 2008.

The current national retail average price for a gallon of self-serve regular gasoline is $3.685. This is up a dime from a week ago and whopping 86 cents from this day last year.

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