Gas prices 60 cents higher than last year - Spokane, North Idaho News & Weather KHQ.com

Gas prices 60 cents higher than last year

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NEW YORK - Crude oil prices in New York have broken through the $74-a-barrel level. And that means the pressure is on for rising gasoline prices.

Light, sweet crude for June delivery was up 36 cents to $74.05 a barrel on the New York Mercantile Exchange. That price is up more than six percent over the past week. Analysts say the price rise reflects escalating tensions surrounding Iran's nuclear program, as well as political unrest in big producer Nigeria.

The fear is that prices may continue to go up after word from the Energy Department this week that gasoline supplies had dropped over the previous week. AAZ says the national average for regular gasoline stands at $2.85 a gallon. That's up more than 60 cents from a year ago.

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