Midwest Gas Pushes U.S. Pump Prices Higher

Introduction of a cleaner-burning gasoline in about one-third of the nation last week boosted the national average price of self-serve regular gasoline to a record $1.56 per gallon, up 2.5 cents, the Energy Information Administration said, based on its weekly survey of 800 service stations. The price in California, where a cleaner-burning gas has been required since 1996, remained unchanged at $1.61 a gallon for self-serve regular. Short supplies of the new gasoline in the Midwest sent prices there soaring past $2 a gallon at many gas stations. The average price for reformulated gasoline in the middle of the country is $1.84 a gallon, the EIA said. Meanwhile, crude oil futures prices fell more than 2% amid conflicting signals from Saudi Arabia that the Organization of Petroleum Exporting Countries may pump more oil to stop an eight-week price rally. Crude oil for July delivery fell 65 cents to $29.70 a barrel on the New York Mercantile Exchange.