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Consumer Affairs

Gas Prices Surge In Wake of Libyan Turmoil

Markets worry unrest could spread to other oil producers


Over the last week motorists have watched helplessly as gasoline prices have moved steadily higher -- propelled by higher oil prices and the Mid East turmoil that seems to spread like a giant oil slick.

In recent days, daily price increases have gained momentum, with the average price of self-serve regular jumping six cents in one day, hitting $3.287 a gallon today, according to AAA's Fuel Gauge Survey. That's an increase of 13 cents a gallon from last Friday.

The average price of diesel fuel today is $3.635 a gallon, up nine cents from last week.

Geo-political worries

Days of anti-government violence in Libya have oil exports from that country slowing to a trickle. In the wake of the Libyan uprising, benchmark crude has broken through the $100 a barrel mark and Brent crude -- sold in the European marketplace -- has risen above $120 a barrel. Fear that the unrest could spread to other oil producing states could push prices even higher.

"Following a week of unrest in the Middle East and a significant rise in crude prices, consumers can expect the price of gasoline at the pump to rise in the coming days," said Andrew Delmege, AAA's manager of regulatory affairs.

As of this week, all 50 states have average gas prices north of the $3 a gallon mark, with the biggest increases coming in the states where the price has been lowest.

The states with the most expensive gasoline today are:

  • Hawaii ($3.757)
  • Alaska ($3.665)
  • California ($3.656)
  • New York ($3.495)
  • Connecticut ($3.455)
  • Illinois ($3.417)
  • Washington ($3.403)
  • Oregon ($3.399)
  • Maine ($3.328)
  • Vermont ($3.326)

 

The states with the least expensive gasoline today are:

  • Wyoming ($3.014)
  • Missouri ($3.125)
  • Colorado ($3.135)
  • New Jersey ($3.136)
  • Texas ($3.156)
  • South Carolina ($3.157)
  • Virginia ($3.159)
  • Tennessee ($3.164)
  • Oklahoma ($3.173)
  • Mississippi ($3.179)

 

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