Retail Gas Inches Higher as NYC Eyes Price Law Compliance
WASHINGTON, D.C. -- Fuel prices continue to creep higher, rising above the price one year ago for the fourth week in a row. In its weekly retail report, the U.S. Energy Information Administration (EIA) stated that the average price for a gallon of regular gasoline rose 6.7 cents to $3.843, according to Bloomberg.
This week's price is 4.6 percent higher than the average price of $3.674 one year ago. The EIA also reported that crude futures saw the biggest monthly gain since October.
Meanwhile, fuel price hikes have prompted some New York City Council members to keep an eye out for potential price-gouging. Council Speaker Christine Quinn and others announced plans for a Sept. 20 Consumer Affairs Committee hearing that will explore whether local gas stations are properly complying with guidelines for raising gas prices, reports the Associated Press.
A 2006 law forbids New York City gas station operators from increasing prices more than once in a 24-hour period. The committee will also reportedly discuss a new proposal to require gas stations to post signs that clearly indicate when they charge different prices for cash and credit card purchases. The current average price for a gallon of regular fuel in the New York City metro area is $4.10, according to AAA data.
Overall, U.S. fuel prices rose an average of 8.75 percent to $3.69 per gallon in August, reported AAA. That marks the largest August price increase in seven years.