Local Pump Prices Hit $4.20; Oil Inches Up 4-29-2011 - WNEM TV 5

Local Pump Prices Hit $4.20; Oil Inches Up 4-29-2011

Average pump prices across the country may hit $4 a gallon by early May as U.S. supplies tightened after a series refinery outages reduced gasoline output this week.
Local prices at the pump are hovering around $4.20, with diesel going for about $4.40 per gallon.
The national average rose 2 cents on Friday to about $3.91 for a gallon of regular, according to AAA, Wright Express and Oil Price Information Service.
That’s 6 cents more than it was a week ago and more than $1 higher than a year ago.
While gas may hit $4 a gallon across the country within a week or two, many analysts believe it will begin to fall, perhaps by Memorial Day, as more gas becomes available.
Benchmark crude rose 7 cents to $112.93 a barrel in early trading Friday on the New York Mercantile Exchange.
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