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Friday, 15 April 2011

Gasoline averaging $4 a gallon in 5 states



Now the revolution can begin. The $4.00/gallon gas price surpassed our threshold. At this point, the American people won't take any more of it.

(AP) NEW YORK-- The average price of gasoline is now above $4 per gallon in five states, and it could rise to that level in New York and Washington, D.C., this weekend.

For American drivers, the $4 mark is a grim reminder of tougher times. The last time gas prices were that high was in the summer of 2008, just before the economy went into a tailspin. Retail surveys suggest motorists are reacting to higher prices now by buying less fuel, yet the government expects pump prices to keep climbing this summer.

The national average has increased for 24 straight days, hitting $3.82 per gallon on Friday. Motorists in Connecticut, Illinois, California, Hawaii and Alaska now pay more than $4 per gallon. A gallon of regular cost an average of $3.979 in New York and $3.999 in Washington.

The rapid increase at the pump follows a parallel rise in oil. Oil, which has been rising slowly since 2009, gained momentum as the Libyan rebellion effectively shut down its exports. Crude has jumped 28 percent since the uprising began in the middle of February.

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