Gas Prices Back At $3 A Gallon
Gas prices rose back to $3 a gallon at the pump Friday, following rising oil futures on concerns about tight inventories and potential supply disruptions.
Meanwhile, light, sweet crude for February delivery fell 57 cents Friday to $96.05 a barrel on the Nymex, reversing earlier gains after weak figures on new home sales ignited new concerns about the economy. Despite Friday's swoon, oil futures have risen 3 percent this week.
Retail gas prices, which typically lag the futures market, are widely expected to rise to new record highs in the spring. Analysts think futures investors are anticipating big gains by buying now, driving futures -- and thus pump prices -- higher.






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AP | John Wilen | December 28, 2007 02:43 PM