Gasoline prices rise as crude oil rebounds

Gasoline prices rose for the first time in nearly three months after crude oil prices began a slow rise in late June.

Houston drivers are paying on average $3.23, a rise of 5 cents over the past week. Texas prices rose 7 cents to $3.23, and the national average is up 5 cents to $3.38, according to AAA gas gauge.

Drivers had seen a slow, steady decline in the price of gasoline since prices peaked near the $4-mark in early April. Over that time, gasoline has declined nearly 70 cents to a low of $3.17 in Houston.

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Now, it appears gasoline is going in the opposite direction.

Tom Kloza, the chief oil analyst for Oil Price Information Services, told WHYY that concerns about hurricanes disrupting crude oil production in the Gulf and less pessimism about the economic crisis in Europe is leading to higher crude oil prices.

Those higher crude prices, which account for the bulk of wholesale gasoline costs, is driving up the prices of gasoline.

“I don’t think we’re going to see a runaway market or a roller coaster, but we may have seen the lows for at least July and August,” Kloza said. “Prices will move lower after Labor Day, but in the meantime, I think we might suspect to see what we see nor or just a little bit higher.”

Gasoline could decline after the Labor Day holiday to around the $3-mark as the summer driving season comes to an end and chances of disruptive hurricanes decline, Kloza told the news outlet.

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