U.S. gasoline above $2.50 first time since October

WASHINGTON (Reuters) – U.S. retail gasoline prices increased for the fourth week in a row, rising another 9 cents to $2.52 a gallon, the Energy Department said on Monday.

It is the first time gasoline surpassed $2.50 a gallon since last October.

The national price for regular unleaded gasoline jumped about 45 cents during May, but it was still down $1.45 from a year ago, the department’s Energy Information Administration said in its weekly survey of service stations.

Rising gasoline prices cut into the ability of consumers to spend on other goods and services that are needed for the economy to recover.

Reuters