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Gas Prices Remain Steady but Steep Jump Ahead

By Joe Benton
ConsumerAffairs.com

July 14, 2006
Crude oil prices are shattering record highs, topping $77 a barrel. So far, drivers are not seeing the increases at the pump, at least not yet. Gas prices are down slightly from earlier this week.

While price increases seem to have taken a break, no one expects the pause to last long as turmoil continues to embroil international oil markets.

Most analysts expect a dramatic surge in gasoline prices over the weekend and into next week with the national average price for regular self-serve moving above $3 a gallon.

The average price of regular unleaded gasoline nationwide is now $2.96 a gallon, down 1 cent from July 11, according to AAA, of Hawthorne, Florida.

Midgrade and premium gasoline prices were also down 1 cent a gallon from three days ago. Midgrade sells for an average of $3.14 a gallon and premium for $3.25 a gallon.

Diesel fuel is selling for an average of $2.98 a gallon, also down 1 cent.

The most expensive gasoline in the country is found in Needles, California at $3.89 a gallon. The least expensive gallon of gasoline is once again found in Liberty, South Carolina where regular self serve costs $2.55.

Here is a look at prices around the country.

California: Prices across the Central Valley and California are moving higher for the second straight week.

"Continued strong consumer demand for gas and tight inventories have been exacerbated this week by growing Middle East violence that has sent oil prices higher," says Jeffery Spring, a spokesman for the Automobile Club of Southern California. "Instability generally causes investors to buy into oil and gas markets where prices are rising. That usually pushes pump prices higher."

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.29, which is 4.1 cents higher than last week. In San Diego, the price is $3.31, 5.3 cents above last week's price.

The lowest average price found in the AAA survey anywhere in California Friday is in Vallejo, at $3.13, up 3.5 cents since last week.

Again this week, the highest AAA California average is in Santa Barbara, now at $3.43, up 3.3 cents since last Friday.

Michigan: Detroit gas prices are hovering at $2.95 a gallon but station employees and drivers expect them to jump considerably by the end of the weekend.

Michigan motorists are paying an average of $2.98 a gallon, according to a survey by AAA Michigan. However, prices are almost certain to go much higher, given the recent escalation in fighting between Israel and Lebanon and the rising cost of crude oil.

Nationally, gas prices are averaging $2.96 a gallon. Local experts are certain that gas prices will jump beyond $3 a gallon next week. The question is to what level?

Maryland: Maryland gas prices reached their highest point this year with the average in the state reaching $3.06 per gallon.

AAA attributed the increase to summertime demand for oil and elevated anxiety in the domestic and international energy markets. With hurricane season beginning, AAA Mid-Atlantic warned that interruption of supply from the Gulf Coast could drive prices to record highs.

Utah: Gas prices in Utah and much of the West are dropping, according to AAA.

AAA reports that in Utah, the average price for a gallon of regular gas is $2.87, 3 three cents lower than last month. The price is 62 cents higher than a year ago.

Ohio: In Columbus, the average price for a gallon of regular gasoline is $2.93, compared to $2.79 last month, according to AAA of Ohio.

Throughout the state, prices are averaging $2.94 per gallon, versus $2.81 last month and $2.30 last year.

Texas: Gasoline prices rose slightly across Texas this week and that marks the third straight week of increases.

AAA Texas reports the statewide average price rose one penny, to $2.86 a gallon.

The agency says Corpus Christi held steady with the lowest average gas price, at $2.70 per gallon.

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