AAA Fuel Gauge Report: Motorists See Temporary Respite in Price Spike
WASHINGTON, D.C. – The national average price for a gallon of regular gasoline increased again this week, rising 6 cents to $3.67 per gallon. This is 9 cents more than one month ago and 20 cents more than one year ago, according to the latest AAA Fuel Gauge Report.
This also marks the third highest average price on record for the date of July 22. However, it is still nearly 40 cents below the all-time record of $4.06 that occurred in 2008.
A price decline of just 1 one-hundredth of a penny on July 20 ended a 12-day streak of overnight pump price increases, during which the national average rose by 20 cents — the largest such increase since February, AAA stated.
The national average has technically fallen three days in a row, but this likely indicates a temporary break and not the beginning of an overall decline.
Areas in the Midwest have seen prices rise significantly over the past two weeks, especially in Minnesota (up 31 cents), Indiana (32 cents) and Missouri (33 cents). This continues several months of volatile prices in the Midwest due to refinery maintenance, tight supplies and high oil prices.
While prices in the Northeast and Mid-Atlantic have been relatively stable, retail prices in 10 states in these regions jumped at least 20 cents in the last two weeks: Delaware, Connecticut, Maine, New Jersey, New Hampshire, Maryland, Massachusetts, Rhode Island, Pennsylvania and New York. This price spike has been attributed primarily to operational issues at Irving Oil's St. John Refinery in Canada, which may not resume full production until early September, putting further upward pressure on prices.