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Gas Price Rise Slows

National average price hits $2.63 per gallon

By Mark Huffman
ConsumerAffairs.com

June 12, 2009
Gas prices have risen sharply over the last two months, but in the last week the pace of the increase appears to be slowing. The national average price of self-serve regular is $2.639 a gallon, up six cents from last Friday.

A month ago the average price of gas was $2.25 and on the rise, but still far below pump prices a year ago. This time last year motorists were paying an average of $4.05 a gallon for gas.

California continues to have the most expensive gasoline in the U.S., with today’s average price at $2.961 a gallon. South Carolina has the cheapest gas, with an average price of $2.431 a gallon.

Gasoline prices have been rising since March along with the price of oil. The price of crude on the New York Mercantile Exchange hit $73 a barrel Thursday, it’s high for the year. Oil stockpiles have fallen, but inventories remain far ahead of their level a year ago.

But as more signs have emerged that the global economy may be improving, traders have pushed oil prices higher, on the belief that recovering economies will need more energy.

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