Gas Prices Climbing Higher

Gas prices are continuing to rise, with prices now up nearly two-thirds since the beginning of the year, even as demand from motorists remains weak, MSNBC reports. Despite this, the oil prices that influence pump prices are taking a breather from a three-month rally, with benchmark crude for July delivery falling nearly 3%, or $2.07 to $69.97 a barrel on the New York Mercantile Exchange. Also, natural gas futures soared more than 8%, possibly as money shifted from crude futures to natural gas.

Prices at the pump rose 0.6 cents to $2.669 a gallon in recent days, according to auto club AAA. Prices are a nickel above where they were a week ago and 30.8 cents above month-ago levels, but remain $1.408 below year ago levels.