Gasoline futures settled in New York at the highest price in nearly two months, surging over 20 cents in July alone.
August RBOB (New York Mercantile Exchange: RBCV1) gasoline futures gained nearly 1.5 percent and closed above $2.85 a gallon on Monday, mirroring the climb in oil prices as the U.S. dollar weakened and tensions rose in the Middle East.
Some analysts suggest the slide toward a $3.00 retail gasoline may have permanently stalled. Retail gasoline prices often follow the trend in the futures market within a week or so, analysts say.
The national average for regular self-serve gasoline is $3.40 a gallon, up 2 cents from a week ago, according to AAA.
While a few areas in the Southeast have sub-$3.00 gas, along the East and West Coasts prices are well over $3.50 a gallon.
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