Gas Prices Rise Slightly During The Week

Gasoline prices have stopped their slow decline and reversed course in the last week, as oil prices rose and supplies tightened.

The national average price of self-serve regular today is $3.438 per gallon, up from $3.420 last Friday, according to AAA's Fuel Gauge Survey. That's still a penny a gallon less than what motorists were paying two weeks ago.

The price of diesel fuel is rising a bit faster. The average price of diesel fuel today is $3.932 per gallon, up from $3.896 a week ago.

Following crude prices higher

Gas prices began to turn this week as the price of crude oil posted strong gains, in spite of worries about Eurozone economic problems. Crude prices are trading close to the $100 a barrel mark again.

While the price of crude oil is rising, U.S. supplies of petroleum are being drawn down. The U.S. Energy Information Administration (EIA) reported this week that U.S. crude oil stockpiles fell by 1.4 million barrels in the last week. That's more than seven percent low U.S. supply levels a year ago.

With falling supplies, refiners may be forced to purchase more of the increasingly expensive oil in the weeks ahead, passing the increase along in the form of higher prices.

Prices rise despite lower demand

Not surprisingly, consumers are doing their best to cut back on gasoline purchases. The EIA reports U.S. demand for gasoline was down 5.6 percent compared to a year ago. Despite that, U.S. gasoline stockpiles fell by 2.1 millions barrels

The states with the most expensive gas this week are:

• Hawaii ($4.158)
• Alaska ($4.030)
• California ($3.839)
• Washington ($3.765)
• Oregon ($3.724)
• Connecticut ($3.699)
• New York ($3.684)
• Nevada ($3.605)
• Montana ($3.552)
• North Dakota ($3.527)

The states with the least expensive gas this week are:

• New Mexico ($3.207)
• Missouri ($3.208)
• South Carolina ($3.220)
• Texas ($3.261)
• Tennessee ($3.262)
• Mississippi ($3.248)
• Alabama ($3.266)
• Louisiana ($3.274)
• Oklahoma ($3.286)
• Virginia ($3.308)