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Gas prices rise, more costly than year ago

Latest on Gas and Fuel Costs
August 9, 2012 3:11:39 PM PDT
The average price of gasoline is now higher than it was a year ago for the first time since late April, and it's going up again in New Jersey.

The price of a regular gallon of gas will increase by eight cents on the NJ Turnpike and Garden State Parkway on Friday morning. The price will increase from $3.49 to $3.57

That's still lower than the national average for retail gasoline, which was $3.662 per gallon Thursday. It's a penny higher than it was on this date in 2011.

Analysts expect prices to continue to rise through Labor Day because of refinery and pipeline issues that have affected supplies.

Meanwhile, oil prices are higher after China reported disappointing economic news. That's renewing speculation that the government will do more to help China's economy improve.

Benchmark oil rose 13 cents to $93.47 per barrel in New York. Brent crude gained 67 cents to $112.81 per barrel in London.

Natural gas prices are up 5 percent on a smaller-than-expected increase in U.S. supplies.

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Some information from The Associated Press

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