The average price of gasoline at U.S. filling stations rose the most since February as the cost of crude surged above $100 a barrel for the first time since May 2012.
The average retail price rose 14.7 cents from the previous week to $3.639 a gallon, according to the U.S. Energy Information Administration. It’s the highest price since June 10 and the largest one-week increase since Feb. 4. The price is 32 percent above the five-year average for this time of year.
West Texas Intermediate oil futures rose 37 cents to settle at $106.32 a barrel on the New York Mercantile Exchange. The front-month contract has increased as Canadian production outages increased demand from Midwest refineries for oil from the storage hub at Cushing, Oklahoma, the delivery point for WTI. Crude costs make up about 67 percent of the price of retail gasoline.
Prices increased in all geographic regions of the U.S., with the largest increase in the Midwest, where gasoline rose 23 cents to $3.639 a gallon. The smallest increase was in the Rocky Mountain region, where prices increased 0.1 cent to $3.611 a gallon.
The cheapest gasoline was in the Gulf Coast, where prices rose 14.8 cents to $3.443 a gallon. The most expensive was on the West Coast, where prices rose 5 cents to $3.925 a gallon.
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