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Gas Prices Pushing $3 Again

Pump Prices Highest of the Year in Most Areas

By Joe Benton
ConsumerAffairs.com

July 7, 2006

• Gas Prices Fall Below $2 a Gallon • Oil and Gas Supplies Rise • Gas Prices Accelerate Their Decline • Gasoline Prices Down 19 Cents in a Week • Charlotte Gas Stations Make Refunds to Consumers • Oil Snaps Back As Markets Sense Post-Election Bounce • Gas Prices Settle Still Lower for Weekend • Gasoline Prices Keep Falling • Gas Below $3 Nationwide • Average Gas Price Down to Nearly $3 a Gallon • Gas Prices Drop, Along With Oil • Gas Prices Head Lower as Economy Slows • Gas Price Declines for 9 Days • Gas Prices Continue Downward Trend • Oil Prices Surge By Record $25 a Barrel • Gas Prices Drop for 5 Days • Price-Gouging Probes Spread to 6 States • Investigations of $5 Gas in North Carolina, Florida, and Virginia • Shortages, Price Hikes Follow Ike in Southeast • States Investigate Gasoline Price Gouging Claims • Pumping More U.S. Oil Won't Lower Prices, Consumer Group Says • Oil Prices Fall, Gas Prices Surge • Gas Prices Slide 8 Percent from Record --- • More ...

Gasoline prices have reached their highest levels of the year with the average price of regular unleaded gasoline nationwide now standing at $2.94 a gallon and rising.

The national gas price average peaked following Hurricane Katrina at $3.05 a gallon on September 5, 2005. Average prices throughout the country appear headed toward that record again.

Midgrade and premium gasoline prices are up 6 cents a gallon since June 30. Midgrade is selling for a nationwide average of $3.13 a gallon, and premium is selling for $3.24 a gallon.

Diesel fuel lingers just below the $3 mark, selling for an average of $2.98 a gallon.

Drivers in California are facing the highest average gasoline prices. Chino, California consumers pay $3.69 a gallon for regular gasoline, the highest price found in the country.

Gasoline stations in Liberty, South Carolina are selling regular unleaded for $2.55 a gallon, the lowest price in the country.

California: A seven week downward trend ended as consumer demand for gasoline pushed prices up across the Southern California this week, according to the Automobile Club of Southern California's Weekend Gas Watch.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.25 which is 7 cents higher than last week, seven cents lower than last month and 77 cents higher than last year.

In San Diego, the price is $3.26, 7 cents above last week's price, seven cents below last month and 73 cents above last year.

On the Central Coast, the average price is $3.38, up 4 cents from last week, six cents below last month and 80 cents higher than last year. In the Inland Empire, the average price is $3.27, up 7 cents from last week, 8 cents below last month and 80 cents higher than last year.

"When prices reached record highs in May motorists cut back driving considerably. Lower demand helped push prices lower," said Auto Club spokesperson Carol Thorp. "But, declining prices and the start of summer resulted in higher demand for gas. That has put upward pressure on prices."

Texas: Retail gasoline prices are up for a second straight week across Texas after crude oil prices reached record highs, according to a AAA Texas gasoline price survey.

The weekly survey finds regular, self-serve gasoline averaging $2.85 per gallon across Texas, up about 5 cents from last week and 62 cents from last year's average. The national average for regular, self-serve is $2.94 per gallon, up 6 cents from last week.

"With the price of crude oil reaching an all-time record high of $75.19 this week and demand for motor fuel remaining strong this summer, retail gasoline prices are only a few cents away from the record highs reached following Hurricane Katrina last year," said auto club spokeswoman Rose Rougeau.

The cheapest gas in Texas is in Corpus Christi, where regular sells for $2.70 per gallon, up 11 cents from last week. The costliest gas is in Houston, where it averages $2.93 per gallon, up 4 cents from last week.

Ohio: The average gas price in Akron remained consistent with prices at $2.95 a gallon. One week ago, the average was $2.88 a gallon. One year ago at this time, the price was $2.23 a gallon.

The lowest price in the area is $2.74 a gallon at a station in North Canton. The most expensive gas is $3.05 at a number of locations locally.

Georgia: Gas prices are up three cents per gallon and are expected to go even higher over the weekend, reaching more than $3 per gallon for regular unleaded gasoline.

According to AAA, the average gas price in Georgia is at least 70 cents more than this time last year.

The Department of Revenue has recalculated an increase on the state sales tax on gas, increasing it by an estimated 16 percent. This issue is energizing politicians, who want to do something about the prices.

Last September, after Hurricane Katrina, Governor Sonny Perdue temporarily suspended the state sales tax on gas. He says that rivals called it a gimmick last year, though the same rivals implore him to cut the tax again, even though it is early in this year’s hurricane season.

"If we use that tool now," Governor Perdue said, "I don't have the ability to do anything else after that."

North Dakota: Despite gas prices hitting more than $3 per gallon at some service stations in Minot, members of the Minot Conventions & Visitors Bureau and AAA in North Dakota are still optimistic about travel in North Dakota.

According to the AAA North Dakota Web site, the average price in Minot for regular self-serve fuel was $2.95 per gallon.

North Carolina: A variety of reasons are adding up to another spike in gas prices.

Parts of the Triangle are seeing gasoline on average for around $2.74 a gallon. The statewide average is $2.75 a gallon. However, some analysts believe gas could be as high as $3 a gallon by the weekend.

"I think it certainly could be close to $3. What we have had happen in the past couple of days, of course, is the big scare over North Korea. That apparently sent tremors through the oil market," said Mike Walden, an economist at North Carolina State University.

According to AAA, one million North Carolinians drove more than 50 miles over the Fourth of July weekend and that is the most ever.

Many analysts said they thought high prices would drive demand down, but the opposite has happened. In the last week of June, U.S. and North Carolina gasoline demand hit all-time record levels.

No one knows for sure how high the price would have to go to cut demand. At current prices, many who drive for a living say they won't cut back.

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