Gas prices rise 11 cents overnight - KCBD NewsChannel 11 Lubbock

8/4/09

Gas prices rise 11 cents overnight

LUBBOCK, TX (KCBD) - A sharp rise in gas prices in Lubbock occurred overnight. The cheapest gas reported in Lubbock is $2.44 a gallon at Bolton's Oil Change on Avenue Q near 34th street.

The price increase is directly related to how the crude oil futures end on the New York Mercantile Exchange. The near-month contract for the benchmark grade rose $2.13, closing at $71.58 a barrel on Monday.

It's the third straight day of substantial increases for the energy futures markets and the first time in a month that crude has traded above $70.

Stay with NewsChannel 11 on kcbd.com and Daybreak Today for the cheapest reported gas prices in Lubbock.

©2009 KCBD NewsChannel 11. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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