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Entries in New York Mercantile Exchange (1)

Monday
Mar072011

Gas: California Most Expensive State Average, $5.39 in Orlando

ROBYN BECK/AFP/Getty Images(WASHINGTON) -- As hostilities continued in Libya, crude oil futures reached $106.95 a barrel in early trading Monday -- up $2.53 from Friday's settled price of $104.42 -- according to the New York Mercantile Exchange . Analysts expect the Department of Energy's weekly national average gas price, released at 5 p.m. ET, to increase as well.

After the biggest one-week rise in oil prices in two years, weekly gas prices increased 6 percent last week, according to the Department of Energy. The national average is $3.38 per gallon, an increase of 19 cents from the previous week and 68 cents from the previous year. The least expensive gas is in the Rocky Mountain region: $3.18 a gallon. According to AAA's daily gas prices, California has the most expensive gas at $3.90 for regular grade.

In Orlando, Fla., one gas station that is closest to the airport was selling gas at $5.39 on Monday, 10 cents more than last week's price of $5.29.

Although unrest in Libya has not yet disrupted global oil supply significantly, analysts have said the markets remain concerned the revolts percolating in the Middle East will affect supplies in the top oil exporters in the world, such as Algeria, Iran, Oman, and Saudi Arabia.

And as concerns about oil prices continue to increase, so has discussion about opening up the nation's petroleum reserve.

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