Gas Prices | featured news

Americans spent briskly during the early spring months in the latest sign that they’re encouraged by the economic recovery. Falling gas prices, a rallying stock market and gains in the job market all fueled Americans’ shopping habits even as cold weather tempered their desire to buy spring fashions.

A sharp decline in the price of oil this month is making gasoline cheaper at a time of year when it typically gets more expensive. It's a relief to motorists and business owners and a positive development for the economy. Over the past three weeks, the price of oil has fallen by 9 percent to $89 a barrel.

Gas prices have jumped again, but there is good news on the horizon, the publisher of a new survey said Sunday. Over the past two weeks, prices at the pump have jumped 20 cents, adding to a total rise of nearly 54 cents over the past nine weeks, according to the Lundberg Survey.

Experts say prices should continue rising at least 5 cents a week until early April.

U.S. gas prices have hit a four-month high after 32 straight days of increasess. The Automobile Association of America said Monday that the national average for a gallon of regular is $3.73 — 43 cents more than a month ago — with prices topping $4 in California and Hawaii.

Retail sales barely rose in January as tax increases and higher gasoline prices restrained spending, suggesting a slowdown in the pace of consumer spending early in the first quarter.

Gasoline prices at the pump have climbed every day for the past 21 days — and they’re not going to let up anytime soon. On Thursday, the average U.S. price for a gallon of regular gasoline stood at $3.555, making it the most expensive average ever for that day and the highest level since Oct. 26 of last year, according to AAA. See AAA’s Daily Fuel Gauge Report.

U.S. gasoline prices crept up by about 2 cents per gallon over the past two weeks, but higher crude oil prices are likely to mean more small increases on the horizon, the latest Lundberg Survey concluded Sunday.

Rising food costs and higher rents offset a drop in gas prices last month, leaving consumer prices only slightly higher in October compared with the previous month.

WASHINGTON (Reuters) - The economy came under pressure from abroad in September as weak global demand appeared to hold back factory output and a surge in gasoline prices dented consumers' spending power, data showed on Tuesday.