Oil prices fell in early trading this morning as the battered dollar regained some strength against the Euro. Oil prices typically fall when the dollar gains strength since oil is traded in U.S. dollars, making the commodity more expensive to other nations. Wholesale gasoline was trading marginally lower today against a picture of rising gasoline prices.

Gasoline prices have risen to levels not seen since mid-June with U.S. prices surging to $2.61 overnight, up over a dime in a week. Canadian prices also rose, breaking the 100c/L mark for the first time since late-June, sitting at 100.2c/L. Some areas in Alberta have seen gasoline shortages caused by a power outage weeks ago. The issue is now effecting logistics for many oil companies, likely pushing prices higher in that area. Consumers there can expect the problem to resolve itself in a few days.

Elsewhere, consumers can expect retail prices to continue rising over the next few weeks as retail prices catch up with wholesale costs that have risen sharply. The U.S. average for a gallon of self-serve regular will average $2.65 by Monday, and will flirt with $2.70 late next week while Canada will rise to 103c/L.

Gasoline prices were cheapest in Columbia, SC, averaging $2.397, while consumers in Oakland, CA were paying an average of $3.019 today.