For Fiftieth Consecutive Day, Gasoline Prices Rise

According to AAA, Wright Express and the Oil Price Information Service, gas prices added a half cent overnight to a new national average of $2.679 a gallon. In the last month, regular gas prices have jumped nearly 37 cents.

Meanwhile, a key government report said U.S. gasoline supplies grew more than expected last week, causing crude oil prices to drop below $70 a barrel, with benchmark crude for July delivery falling to $69.47 on the New York Mercantile Exchange.

That nationwide price of $2.679 is nothing compared to the San Francisco Bay area, where prices have crept above the $3 level in the last week. Some stations continue to have sub-$3 pricing, but many are now above $3 for regular.

Summer is coming, and historically, prices rise during the summer months as motorists crowd onto highways for vacations. An Energy Information Administration report said that while gasoline reserves grew last week by 3.4 million barrels, or 1.7 percent, to 205 million barrels, demand for gasoline was up 1.1 percent from last year, averaging nearly 9.3 million barrels a day over the four weeks ending June 12.

Historically, filling station prices tend to rise during the summer as millions of vacationing Americans pour onto the highways. A surge in crude prices during the past few months and less production from the refiners that make gasoline has added even more pressure on prices.