The retail price of gasoline rose by less than a penny last week to average $1.91 per gallon nationwide, the Energy Department reported Tuesday.
The government survey said the average price nationwide of regular-grade unleaded gasoline rose 0.7 cent last week to $1.905 per gallon. Prices are 21.7 cents higher than a year ago.
Pump prices are highest on the West Coast, averaging $2.096 per gallon, and cheapest on the Gulf Coast, averaging $1.807 per gallon. In the Midwest, gas averages $1.872 per gallon.
One of the key factors behind the high price of gasoline is expensive oil — the result of strong demand, geopolitical uncertainties and the falling value of the dollar.
The price of light crude for March delivery rose $2.80 Tuesday to settle at $51.15 a barrel on the New York Mercantile Exchange. Oil is 50 percent more expensive than a year ago.
In other Nymex trading, November gasoline futures rose 4.55 cents to $1.3089 per gallon.
