Gasoline Prices Rise For 48th Straight Day

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According to surveys, pump prices have risen to about $2.67 a gallon on average. This year's steady climb in pump prices continues despite weak consumer demand. Analysts attribute the spike to the declining value of the dollar.

STEVE INSKEEP, host:

NPR's business news starts with gas prices creeping higher.

(Soundbite of music)

Yesterday, gas prices went up for the 48th day in a row, 48 days. The average price of a gallon of regular is now $2.67. In California, gas prices have topped three bucks a gallon. Once again, California the national trend leader and paying for it.

One reason gas prices are spiking is that traders and investors are beginning to bet that the worst of the recession may be passed, so demand could pick up. Oil is also going up. Crude is trading at about $70 per barrel, although it is down slightly from even higher levels in recent days. Analysts say that's because of fluctuations in the dollar.

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