Gas prices shrink at the pump; oil up

The Philly region saw another decrease in gas prices over the weekend, according to AAA Mid-Atlantic.

The five-county Philly average was down 2 cents this morning from Friday, to $1.74. That's down from $1.98 at the beginning of the month.

South Jersey's average was $1.52, down a cent since Friday, and down from $1.70 on Dec. 1.

The national average also was down 1 cent over the weekend, to $1.66. The national average opened the month at $1.82.

The diesel average in the Philly area was $2.74, down 4 cents. South Jersey's diesel average was $2.43, down 2 cents. The national diesel average was unchanged at $2.52.

Oil prices rose slightly today as investors looked for signs that U.S. interest rate cuts and a government bailout of two key automakers could help cushion what may be the worst recession in decades.

But skepticism that OPEC cuts in production would be fully implemented kept a low ceiling on prices.

Light, sweet crude for February delivery gained 36 cents to $42.72 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe.