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San Francisco Gas Prices Highest In Nation

Cheyenne, Wyo., Has Lowest Price

POSTED: 7:20 am EDT May 5, 2008
UPDATED: 1:27 pm EDT May 5, 2008

A survey said the national average price for regular gasoline rose about 15 cents in the last two weeks, and San Francisco saw the highest average price.

Meanwhile, oil futures on Monday surpassed the once unthinkable price of $120 a barrel.

The average price of self-serve regular gasoline on Friday was $3.62 a gallon, up 15 cents from two weeks ago. Mid-grade was at $3.74 and premium was $3.85. That's all according to the Lundberg Survey of 7,000 stations nationwide released Sunday.

Regular gasoline is up 55 cents since 2008 began.

Of the cities surveyed, the cheapest price was in Cheyenne, Wyo., where a gallon of regular cost $3.39 on average. The highest average was in San Francisco at $3.95.

President George W. Bush said he's troubled by rising gas prices and will take a look at proposals to relieve the crisis -- but warns there's no quick fix.

The president told ABC's "Good Morning America" that "it's going to be a while" before the problem is solved.

He added that America is "too dependent on foreign oil and we need to be exploring more at home."

Bush is in favor of building new refineries and drilling for oil in the Alaskan wilderness.

He said federal tax rebate checks will help Americans facing soaring gas prices. He also reiterated his call for Congress to make permanent the tax cuts enacted during his administration.

Oil Prices Edge Higher

Oil reached its latest milestone of $120 a barrel on a mix of threats to overseas crude oil supplies.

A threat by Kurdish rebels in Iraq to attack American interests had investors concerned, while an attack on an oil facility in Nigeria cut oil supplies.

Meanwhile, defiant comments by Iranian leaders about the country's nuclear program raised worries about broader conflict in the Middle East.

Light, sweet crude oil for May delivery rose to a trading record of $120.21 a barrel on the New York Mercantile Exchange.

The falling dollar was also sending crude prices higher.


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