Oil price ending 2011 near $100 a barrel

NEW YORK (AP) — The price of oil soared in 2011 and will finish about 19 percent higher, on average, after a volatile year dominated by concerns about global supplies.

Gasoline followed oil higher this year, with an average for the year of $3.52 per gallon — the highest ever.

The surge in oil-and-gasoline prices will continue to put pressure on the economy as it struggles to grow in 2012, analysts said. "It's like leaving the parking brake on while you're trying to drive the economy forward," said Michael Lynch, president of Strategic Energy & Economic Research.

Benchmark crude rose by 8 cents to $99.73 per barrel on Friday, the final trading day of the year.

Overall in 2011, crude prices averaged $95.09 per barrel in New York. That's up from $79.64 in 2010 and from $62.11 in 2009. The Energy Department expects prices to rise further in 2012 to an average of $98 per barrel.