Gasoline prices continued their relentless upward move Friday, with the average retail price up about a penny in the last day to $3.93 a gallon, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline cost $3.73, and a year ago in the good old days, it cost $3.61 a gallon. The rise continues even though oil supplies in the U.S. remain plentiful. When asked about rising gasoline prices against a glut of crude, Tom Kloza of the Oil Price Information Service – the outfit that supplies the data for the AAA’s daily report — said one culprit could be the more costly refining process for making summer blends of gasoline. He noted that wholesale gasoline prices “went ballistic� in the Chicago area last week as suppliers switched to summer blends of gasoline, designed to burn more cleanly to reduce smog levels during the intense heat of May, June, July and August. After Chicago, price jumps are likely in the Northeast, the very place where some big refineries that make summer gasoline blends have been shuttered. Kloza figures these areas may be facing a jump of 15 to 25 cents a gallon from current levels in the coming weeks. “Smart people have wagered bets in the futures market that this summer, gas will be in tight supply,� Kloza said. Already, U.S. officials have hinted they may tap in the Strategic Petroleum Reserve, which could bring short-term relief from gasoline prices ahead of this fall’s presidential election. Experts say U.S, oil reserve release possible. In the long run, increased use of biofuel and higher fuel mileage standards for cars may ease demand for petroleum, but for now, gasoline prices seem to be headed higher — at least until the start of the summer driving season in May.

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