Retail gasoline prices rose more than a cent a gallon last week, the first increase since early July, the Department of Energy said Monday.
The average cost of a gallon of gasoline rose 1.2 cents, to $1.014 in the week ended Monday, the department’s Energy Information Agency said.
Despite the increase, the price is more than 20 cents lower than a year earlier, when a gallon averaged $1.225.
The rise begins to bring the cost of gasoline more in line with the price of crude oil, which has risen more than 15 percent in the last month.
Rising oil prices have offset the price pressure caused by the traditional drop in gasoline demand as summer vacation consumption dips, pushing down prices through the U.S. fall and winter months.
Crude oil futures for October delivery remained unchanged Monday at $15.49 a barrel following two sessions of strong gains.
Gasoline futures for October delivery fell 0.11 cents a gallon, to 45.47 cents.
Crude oil accounts for about 36 percent of the average price of a gallon of retail gasoline, including taxes. Without taxes, oil makes up 57 percent of the cost, according to the Petroleum Research Foundation.
The agency said it expects gasoline prices to remain near $1 a gallon until early next year.
