Gas prices going higher - KMOV.com

Gas prices going higher

(KMOV) -- Drivers are paying the most for gasoline in more than 2 years as the national average price of regular unleaded hit $2.96 per gallon.

What you pay for gasoline in the St. Louis area depends on where you fill up.  Prices in the metro-east range from $2.99 per gallon to $3.09.  On the Missouri side of the river, prices are much lower than the national average at $2.69 per gallon for regular unleaded.

U.S. retail gasoline has not been this expensive since mid-October 2008 as higher crude oil prices are passed on to consumers.

The price for U.S. oil closed on Monday at $89.38 a barrel in trading at the New York Mercantile Exchange, up nearly $8 in the last two weeks.

Every $1 rise in the price for a barrel of crude oil is equal to about a 2.5 cent increase in the cost for a gallon of gasoline.

Diesel fuel prices increased 3.5 cents to $3.20 a gallon, the highest price since early November 2008, the Energy Department said in its weekly survey of service stations.

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