Gas Prices Produce Shock and Awe at the Pump

Stunned motorists have seen gasoline prices surge in the last week, as oil traders, worried that political instability in Libya will spread to other oil producers, bid the price of crude oil higher and higher.

The average price of self-serve regular gas today is $3.471, up nearly 20 cents a gallon in the last seven days, according to AAA's Fuel Gauge Survey. It's 77 cents a gallon higher than at this time a year ago.

The average price of diesel fuel is $3.815, up from $3.635 a week ago.

29-month high

Crude oil prices hit a 29-month high this week, closing above $102 a barrel, as the crisis in Libya continues to spur fears that turmoil in the Middle East will spread to a larger oil producer like Saudi Arabia.

In an interview with the Tech Ticker, Oppenheimer oil and energy analyst Fidal Gheit said he believes a worst case scenario is $120 to $130 a barrel oil, and that only if Saudi oil output is impacted. He said predictions of $200 a barrel are "grossly exaggerated."

Spare capacity

OPEC is reportedly sitting on five million barrels a day of spare production that it could add to the world market, if needed. At the moment, supplies appear to be plentiful.

The run-up in crude prices last week was mirrored by the price that drivers paid at the pump this week, including a nearly 10-cent jump in the national average price on Thursday.

The states with the most expensive gasoline today are:

• Hawaii ($3.836)
• Alaska ($3.800)
• California ($3.845)
• New York ($3.655)
• Connecticut ($3.648)
• Illinois ($3.587)
• Oregon ($3.545)
• Washington ($3.543)
• Maine ($3.499)
• Vermont ($3.492)

The states with the least expensive gasoline today are:

• Wyoming ($3.143)
• Missouri ($3.290)
• Colorado ($3.286)
• New Jersey ($3.298)
• Texas ($3.357)
• South Carolina ($3.336)
• Oklahoma ($3.338)
• Tennessee ($3.352)
• Virginia ($3.370)
• Mississippi ($3.375)