Oil Prices Dropping While Gas Prices Rise

** FILE ** In this undated file photo provided by Mexico's national oil company, Pemex, on June 13, 2006, an offshore oil installation is seen in the gulf of Mexico near the coast of Campeche, Mexico.

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Story Published: Apr 23, 2008 at 12:19 PM EDT

Story Updated: Apr 23, 2008 at 12:19 PM EDT

Oil futures have dropped since the Energy Department reported today that the nation's crude supplies grew
more than expected last week. The news alleviated some recent
concerns about tight supplies.
Light, sweet crude for June delivery was down 70 cents at
$117.38 a barrel on the New York Mercantile Exchange.
Separately, AAA and the Oil Price Information Service said gas
prices at the pump rose 2.2 cents overnight to a new record of
$3.53 a gallon. In Western New York, the average price for a gallon of regular is $3.65.

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