Gasoline prices still on the rise

With the price of crude oil still volatile, the cost of gasoline at the pump continued its recent march upward today, AAA Mid-Atlantic said.

The average cost of a gallon of regular gasoline rose two cents overnight, to $2.87, in southeasatern Pennsylvania, and 1 cent, to $2.67 in South Jersey, the auto club said.

The national average also rose by a cent, to $2.91.

The Philadelphia price is up 9 cents from a week ago, and the South Jersey price is up a full dime in the same period.

The price of oil rose briefly to a record above $96 a barrel today before falling back to $93.44 in noon trading on the New York Mercantile Exchange. A surprise drop in U.S. crude stockpiles had raised concerns about supplies for coming winter demand.

It was the second week in a row the U.S. Energy Information Administration reported a sharp and unexpected drop in oil inventories.