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US gasoline prices hit a new record at the pump yesterday, but gas futures prices fell on concerns that US$3 a gallon gas will crimp demand.
Oil prices, meanwhile, rose on reports of refinery problems in the US and abroad, The Associated Press reported.
The average national price of a gallon of gas hit US$3.073 (81 cents a liter) yesterday, up almost a penny from Sunday's also record-setting price, according to AAA and the Oil Price Information Service. Gasoline is now well above the previous record of US$3.057, set on September 5, 2005, soon after Hurricane Katrina.
But gasoline futures for June delivery fell 5.09 cents to settle at US$2.3012 on the New York Mercantile Exchange. Light, sweet crude for June delivery rose 9 cents to settle at US$62.46 a barrel on the Nymex.
Heating oil futures fell 1.55 cents to settle at US$1.8668 per gallon on the Nymex, while natural gas prices gained 5.3 cents to settle at US$7.952 per 1,000 cubic feet.
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