Costly oil pushes gasoline to 14-month high

WASHINGTON (Reuters) – The effect of high crude oil prices continued to pinch consumers at the pump, with the average cost for gasoline rising 4.9 cents to the highest level in 14 months and diesel fuel soaring 6.3 cents to match the record set two years ago, the government said on Monday.

The national price for regular gasoline averaged $2.87 a gallon, up 65 cents from this time last year and the highest since August 2006, the federal Energy Information Administration said in its survey of service stations.


Pump prices are expected to climb even higher as more of this month’s spike in crude oil costs is passed on to drivers.

The price of U.S. oil has jumped about $14 a barrel in October and hit a new record high of $93.80 on Monday at the New York Mercantile Exchange.

Reuters