Rising oil prices being felt at the pumps

For the first time since July, gasoline prices across the nation moved higher last week in reaction to higher oil prices. It was announced today that the price for a gallon of regular gasoline was 6.5 cents higher last week than the previous week.

With last week's move in price, the national average for a price of self serve regular unleaded gasoline rose to $2.8135, and marks the first time in several months that prices have moved higher. The main reason behind the rise at the pumps can be attributed to oil, which has been moving higher lately and is approaching last month's record highs.

With oil rising, a lot of industry insiders have been calling for OPEC to come through with a production increase during its meeting this week, but that does not seem likely at this time.

Drivers in the Chicago area are being hit with the highest priced gasoline in the country, with the average gallon of gas in that area going for $3.27 a gallon. For the cheapest gasoline you would need to drive to Newark, New Jersey where you can score a gallon for a mere $2.52 per gallon.

How are prices in your part of the country? Let us know what you are paying per gallon when you hit the pumps in your city.

[Thanks to futureatlas.com for the photo.]

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.