AAA Fuel Gauge Report: Several Factors Propelling Gas Prices Higher

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AAA Fuel Gauge Report: Several Factors Propelling Gas Prices Higher


WASHINGTON, D.C. -- The new national average price for a gallon of regular gasoline is $3.59 as of Feb. 11, according to the AAA Fuel Gauge Report. This is 6 cents more than a week ago, 28 cents more than a month ago and 8 cents more than one year ago. It is also the highest average price on record for the calendar day.

Additionally, the national average has risen for 25 consecutive days, continuing the longest streak of price increases since February and March 2012.

The rising gasoline prices continue to be caused by higher crude oil prices, regional refinery issues and the impending switch to the production of summer gasoline. AAA predicted that increases to the national average will slow as temporary production concerns are addressed, and that it is likely to peak in the spring at a lower price than in the past two years.

All 50 states saw prices increases in the last week, with the highest jumps occurring in Nevada (18 cents), Colorado (15 cents), California (14 cents), Arizona (14 cents) and Utah (12 cents). Hawaiian drivers pay the highest price at $4.24 per regular gallon, but California pump prices rose above $4 per gallon, marking the first time since Nov. 3, 2012 that a state average in the continental U.S. has passed that threshold, according to the report.

AAA also noted that while some long lines for gas occurred in the Northeast in advance of last week's blizzard, the short-term impact on regional prices was minimal, as expected. Demand is likely to fall this week as the snow prevents drivers from getting on the road.