Gasoline Prices Hit Five-Month High

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Gasoline Prices Hit Five-Month High

09/18/2012

WASHINGTON, D.C. -- The national average price for regular gasoline rose 3.1 cents to $3.878 per gallon in the week that ended Monday, Sept. 17, reported the U.S. Energy Information Administration (EIA). Eleven weeks of average price increases put current fuel prices at the highest level since April 16, according to a 4-traders.com report.

The chain of increases also marks the largest number of consecutive weekly price increases since the cost of fuel rose for 12 weeks straight from March through mid-June 2008.

This week's update shows average fuel prices have increased 27.7 cents or 7.7 percent from one year ago, the earliest year-to-year jump since March 26, according to the report. Gasoline prices have increased 52.2 cents, or 15.6 percent, since July 2.

The EIA forecast in its September Short-Term Energy Outlook that gasoline prices will average a September record of $3.81 per gallon, 20 cents higher than a year ago. The average price so far this month is $3.856 per gallon.

Meanwhile, the AAA Daily Fuel Gauge reported that Monday gasoline prices were $3.862 per gallon, up from $3.828 one week ago.