High Pump Prices Somewhat Foiling U.S. Vacation Plans

U.S. motorists are taking to the roads this summer, though not in strong numbers as before due to record energy costs that are seemingly spoiling vacation plans, analysts said last week.

U.S. crude oil futures struck a record high of $75.78 a barrel early Friday as government data showed a 1.4 percent increase in gasoline demand over the past four weeks compared with the year-ago level.

The rise comes as U.S. prices at the pump last week hit $2.93 a gallon on average, up 71 cents compared with last year, causing some consumers to cut costs elsewhere to counter higher fuel costs.

Oil prices have rallied from below $20 a barrel in early 2002 as producers and refiners struggle to keep up with demand.

Crude has gained 23 percent this year because of supply cuts in Nigeria, the dispute over Iran´s nuclear program and a flood of investment fund money into commodities.