LI gas prices expected to keep rising

Mideast turmoil continued to impact Long Island drivers Friday, with gas prices rising again overnight by 5.6 cents to an average of $3.540 for regular grade, the AAA said.

About the only good news Friday was that crude oil and refined products futures didn't move much in trading in New York and London, as Saudi Arabia, the United States and the International Energy Agency said they can compensate for any Libyan supply disruption.

U.S. crude oil for April delivery climbed 60 cents to settle at $97.88 a barrel on the New York Mercantile Exchange. Futures are up 25 percent from a year ago. North Sea Brent crude oil for April rose 58 cents to $111.94 a barrel in London. Brent is the main ingredient for gasoline imported from Europe for drivers on the East Coast.

Kevin Beyer, president of the Long Island Gasoline Retailers Association, said he expects pump prices to rise further next week as more higher-priced gasoline reaches local stations.

"I think the average next week has got to be in the $3.70s," he said, noting that prices at some stations Friday were nudging $4 a gallon for regular.

The Long Island average for regular has risen by almost 14 cents a gallon in the past month and by more than 71 cents a gallon since its recent low of $2.829 a gallon on Sept. 7. It has been as high as $4.346 a gallon - on July 8, 2008.

The averages published daily by the AAA on its website are derived from the last credit card swipes of the previous day at more than 100,000 stations nationally and can become rapidly outdated when prices are moving fast in either direction.

With Bloomberg News

Gas prices pumped up

(Per-gallon regular)

• Friday morning: $3.540

• Thursday morning: $3.484

• Week ago: $3.427

• Year ago:$2.859

Source: AAA