Gas prices went up $.15 today in 5 hours.
Gas prices went up $.15 today in 5 hours.
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Light sweet crude for July delivery shed $2.36 to close at $130.81 a barrel on the New York Mercantile Exchange after trading as high as $133.75. The contract gained $9.32 between May 15 and May 21.
July crude had surged to a record high of $135.09 during the overnight electronic trading session on Globex.
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The $9+ increase in the last 7 days equates to $0.22 per gallon in crude or about $0.30 per gallon when converted to retail gasoline. This means we’ll have (at a minimum) $4.25/gallon unleaded regular in the next few months and $5 diesel.