U.S. Gas Average Hits $4.10 a Gallon

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U.S. Gas Average Hits $4.10 a Gallon

NEW YORK -- According to Trilby Lundberg's latest survey of 7,000 filling stations nationwide, the average price of regular gasoline rose to $4.10 a gallon, which marks a 10-cent price increase since June 10.

Slight relief may be realized in the coming months as Saudi Arabia Oil Minister Ali al-Naimi released a statement indicating that the country, the world's largest oil exporter, may raise production beyond a planned 200,000 barrel-a-day increase in July.

"Even though almost anything could cause crude-oil prices to jump once again, for example further problems in Nigeria, this is Saudi Arabia we're talking about, and Saudi Arabia has spoken," Lundberg told Bloomberg News.

According to AAA, the nation's biggest motoring club, per gallon prices are up 36 percent from last year. The increase has consumers cutting back. Last week, MasterCard's SpendingPulse reported U.S. gasoline demand fell 3.2 percent from a year ago. This marks a trend that developed eight weeks ago.

The highest average price for self-serve regular gasoline was $4.59 a gallon in Los Angeles and Fresno, Calif., Lundberg told Bloomberg News. The lowest was in Tulsa, Okla., at $3.76 a gallon. On New York's Long Island, the price was $4.29 a gallon, reported Bloomberg News.