Gas Prices Stop Falling, Head Higher

The welcome decline in gasoline prices at the pump appears to have ended, at least for now. Despite global economic worries, gas prices are now rising again.

The national average price of self-serve regular today is $3.443 per gallon, down from $3.390 last Friday, according to AAA's Fuel Gauge Survey. That's about 18 cents a gallon less than consumers were paying a month ago.

The average price of diesel fuel today is $3.801 per gallon, up a fraction of a cent from $3.800 a week ago.

As far as supply and demand goes, U.S. stockpiles of crude oil rose by 1.3 million barrels the previous week, according to the U.S. Energy Information Administration. But gasoline supplies fell by 4.1 million barrels. Gasoline demand over the last four weeks was down almost a full percentage point from the same period last year.

The price of oil has risen sharply off its lows of two weeks ago, which may be responsible for some of the sharp increase in retail gasoline prices. The biggest price spike occurred in states that have been enjoying the nation's lowest gas prices.

According to the AAA survey, the average gas price in the last seven days is up 12 cents a gallon in Missouri, while rising nine cents in South Carolina and eight cents in Tennessee.

The states with the most expensive gas this week are:

• Hawaii ($4.217)
• Alaska ($4.030)
• California ($3.840)
• Washington ($3.803)
• Oregon ($3.762)
• New York ($3.708)
• Connecticut ($3.701)
• Idaho ($3.669)
• Nevada ($3.619)
• Montana ($3.582)

The states with the least expensive gas this week are:

• South Carolina ($3.220)
• Missouri ($3.226)
• Texas ($3.259)
• Tennessee ($3.269)
• Mississippi ($3.290)
• Oklahoma ($3.293)
• Virginia ($3.294)
• Louisiana ($3.316)
• Alabama ($3.329)
• Georgia ($3.333)