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Gas prices slip, oil futures climb
DATE:2007-11-17  FROM:  AUTHOR:  DOWN:2705
 
NEW YORK - Gas prices fell slightly for the first time in weeks, raising doubts about a view that pump prices are destined to rise by another 10 cents to 15 cents in coming weeks to catch up with skyrocketing crude prices.


Oil futures, meanwhile, rose Friday on investors' belief that supplies aren't as plentiful as a government report at first suggested.


The national average price of a gallon of gas dropped 0.3 cent overnight to $3.109, according to AAA and the Oil Price Information Service. That decline followed several days in which increases in the price of gas were less than in previous weeks.


"We'll probably stabilize around this price," said Glen Falk, retail pricing manager at the Oil Price Information Service. "If anything, we might track down a little bit lower."


Gas prices are tied closely to the price of crude oil, which jumped 42 percent from late August to a record of $98.62 a barrel last week. But oil has since traded closer to $90.

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