Gas Prices Renew Upward Climb

Posted on July 8, 2011

Gas prices have renewed an upward climb. The nation's average gas price is up about five cents from a week ago according to the AAA's Fuel Gauge Report. Gas prices are still about fifteen since less than a month ago. Taking petroleum out of the Strategic Petroleum Reserve was supposed to help with the rising gas problem.

Business and economics correspondent Rebecca Jarvis says drivers have been cutting back on gasoline consumption for fifteen straight weeks because of higher prices, yet prices keep going up. Rebecca says the amount being drawn from the SPR is just a drop in the bucket and doesn't help much. Booming economies in growing countries, like China, is also driving up demand for oil, which is driving up gas prices. Take a look: