Currently the average for a gallon of regular unleaded gas is $3.69, according to the AAA Fuel Gauge Report. Today’s price is up 11 cents from one month ago, and up 96 cents from one year ago. Gas prices typically rise in the summer as demand for gas increases because more drivers are on the road.
Historically prices are highest in July and August because Americans drive the most during these two months, according to the Federal Highway Administration. Additionally prices also rise in the spring and summer as refiners switch to more expensive summer blends of gasoline. Federal and local laws require different additives in summer to preserve air quality, but more expensive additives tend to drive up the price.
There are several other factors that could push gas prices even higher. If the U.S. defaults on its debt, it would send shockwaves through oil markets that could push fuel prices even higher, analysts said Monday.
Many are also hoping that the hurricane season is mild this year, as a big storm could decrease the output by refineries. This would absolutely increase prices.