Pump prices rise 2 cents as supplies tighten

AP News
Posted: Apr 29, 2011 11:10 AM
Pump prices rise 2 cents as supplies tighten

Pump prices may hit $4 a gallon by early May as U.S. supplies tightened after a series refinery outages reduced gasoline output this week.

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 on the New York Mercantile Exchange.