Oil prices start 2011 at 26-month high

Oil prices rose past $92 a barrel today to a 26-month high, as the new year began with the prospect of still higher energy prices to come.

Benchmark oil for February delivery rose as high as $92.66 a barrel, $1.20 above Friday's settlement price, in trading on the New York Mercantile Exchange. It gave up most of those gains to settle 17 cents higher at $91.55 today. The last time oil settled above $92 a barrel was on Oct. 3, 2008, when it reached $93.88.

At the pump, the national average for regular gasoline was $3.07 a gallon today, according to the Energy Department's Energy Information Administration. That's about 41 cents higher than a year ago.

Drivers in Los Angeles, Chicago and New York pay some of the highest prices in the country, ranging from $3.33 to $3.16 a gallon. The cheapest gas in major cities is found in Denver ($2.81), Houston ($2.88) and Boston ($3.01).