Crude oil prices rise; gasoline prices follow suit

Crude oil prices rise; gasoline prices follow suit Crude oil prices which had fallen below $50 per barrel in late May, surged higher in June, lifting the nationwide average price of gasoline to $2.133 per gallon as of June 14, AAA�s daily, online Fuel Gauge Report (www.fuelgaugereport.com) shows.

The nation�s largest organization for motorists said the nationwide average price of self-serve regular gasoline had declined to less than $2.10 per gallon as of June 1, but began increasing again as crude oil prices rose. The national average on June 14 was 14.3 cents per gallon below the all-time high price of $2.276 per gallon reached on April 11 of this year.

AAA, which monitors national, state and local gasoline prices as a public service, said the stubbornly high cost of crude oil � trading at approximately $55 per barrel June 14 � means U.S. motorists will probably continue paying an average gasoline price in excess of $2 per gallon this summer.

One year ago the average price of self-serve regular gasoline was $1.994 per gallon, or 13.9 cents per gallon less expensive than today. Five years ago the price was $1.664 per gallon; 46.9 cents per gallon less expensive.

Nationwide, the price of self-serve, mid-grade averages $2.264 per gallon, a decline of 4.3 cents since the middle of last month, and 14.7 cents higher than one year ago. Self-serve premium averages $2.346 per gallon, down 4.5 cents since mid-May, but 15.2 cents higher than one year ago.

The South Dakota state-wide average price of self-serve regular gasoline as of June 14 was at $2.127, down 5 cents from last month. The average price of gasoline in the Sioux Falls area was $2.068, down 2.8 cents from a month ago. In Rapid City the average was $2.194 down 5.7 cents from a month ago.

The national average prices for self-serve regular unleaded gasoline for AAA�s mid-June survey for the last five years were: 2004, $1.994; 2003, $1.514; 2002, $1.386; 2001, $1.661; and 2000, $1.664.

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