NEW YORK - Retail gas prices in the United States surged to a new record above US$3.30 a gallon Friday and appear poised to rise further in coming weeks as gasoline supplies tighten.
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That's because gasoline supplies are falling, in part because producers are cutting back on output of the fuel due to the high cost of crude - the more expensive crude is, the more refiners have to pay and the lower their profits are. They're also in the process of switching over from producing winter grades of gasoline to the less polluting but more expensive grade of fuel they're required to sell in the summer.
"That cuts back on some of the supply and helps to pump up the price," said Mike Pina, a spokesman for AAA. ...
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