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Consumer Affairs

Gas Prices Nearly Seven Cents Higher In Last Week

Prices have been rising again for two weeks

07/15/2011 | By | ConsumerAffairs.com | Automotive

PhotoSince the July 4 weekend, Americans have been paying more at the gas pump. The national average price of self-service regular is rising again, and today is $3.667 a gallon, up from $3.594 last Friday, according to AAA's Fuel Gauge Survey.

The average diesel fuel price is also up - $3.937 a gallon, compared to $3.894 last Friday.

The retail price of gas is rising amid a confused and chaotic commodities futures market, which is up one day on expectation of strong economic growth and down the next on data that suggests the opposite.

Meanwhile, U.S. supplies of both crude oil and refined gasoline shrank in the previous week, but not because consumers were buying more. Rather, oil imports declined and refiners reduced their production activity slightly.

In its weekly report, the U.S. Energy Information Administration reported crude oil inventories fell by 3.12 million barrels, a larger-than-expected drop. Supplies of gasoline fell by 884,000 barrels, for a total of 211 million barrels of gasoline on hand.

State prices

In the states, prices moved sharply higher in states where gas is most expensive. The average price jumped about seven cents a gallon in both New York and Connecticut and by about five cents in Illinois.

Some states with the cheapest gas also showed a dramatic one-week increase. The average price rose eight cents a gallon in South Carolina and nearly 13 cents in Missouri. But other states, like Arizona, showed almost no price movement at all.

The states with the most expensive gasoline today are:

  • Alaska ($4.094)
  • Hawaii ($4.049)
  • Connecticut ($3.989)
  • New York ($3.907)
  • Illinois ($3.883)
  • Washington, DC ($3.848)
  • Rhode Island ($3.804)
  • Washington ($3.793)
  • California ($3.792)
  • Oregon ($3.752)

 

The states with the least expensive gasoline today are:

  • Arizona ($3.388)
  • South Carolina ($3.465)
  • Colorado ($3.505)
  • Mississippi ($3.509)
  • Tennessee ($3.527)
  • Missouri ($3.569)
  • Alabama ($3.548)
  • Arkansas ($3.548)
  • Louisiana ($3.568)
  • Oklahoma ($3.571)

 

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