Average pump prices in California are back above $3.80 a gallon, and the U.S. average is approaching $3.50, the Energy Department said Monday. Analysts said retail fuel was still catching up with a three-week rise in the price of oil.
The average cost of a gallon of regular gasoline in California was $3.808, according to the Energy Department's weekly survey. It was the second straight week of increases after eight weeks of falling prices. The new average is up 5.5 cents from a week earlier but down 1 cent from a year earlier.
Nationally, the average was $3.494, up 6.7 cents from a week earlier and down 20.5 cents from a year earlier. The U.S. average has risen two weeks in a row after falling for 13 weeks.
Oil, which had dropped below $78 a barrel in June, had climbed $15 by Friday to more than $90 a barrel, said Ben Brockwell of the Oil Price Information Service. "Retail prices are rising because of that jump," Brockwell said.