Gasoline Prices to Continue Rising

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Think you're paying a lot to fill up your car with gasoline now? Just wait.

The U.S. government says you're going to be paying even more for gas in the next few months, even though oil prices appear to be falling.

The Energy Department believes oil prices will ease somewhat during the second-half of March through the rest of the year.

The department said crude oil supplies jumped by 6.2 million barrels last week. That's more than three times the 1.6 million barrel increase analysts expected.

Gasoline inventories also came out higher than expected. Inventories of heating oil fell less than analysts had forecast.

Light, sweet crude was down $1.05 at $107.70 a barrel on the New York Mercantile Exchange Wednesday.

The New York Times reports one gas station south of San Francisco is already charging $5.20 for a gallon of regular gasoline. The owner says at least once a day, someone pulls into his station and verbally abuses him.

Sources: CBN News, The Associated Press

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