Gas Prices

On Thursday, AAA had the opportunity to sit down with President Obama, following his speech on energy issues in Cushing, Oklahoma, to discuss the topic of rising oil and gasoline prices.

Gasoline prices across the United States continue to rise. On Tuesday the current national average price for a gallon of regular self-serve gasoline is $3.90. This price is six cents more expensive than one week ago, and 27 cents more expensive than one month ago. The national average price at the pump has now risen for 18 consecutive days and has only declined on three of the past 60 days.

The President outlined the two key issues that have pressured prices higher this year: tensions with Iran and increasing global demand for crude oil. Bearish developments for oil prices on both of these issues last week were seen as the primary stories pressuring prices lower.

Gas prices are six cents more expensive than one week ago, and 32 cents more expensive than one year ago. Prices have risen for 18 consecutive days.

Gas prices have risen 31 cents in the past 30 days, which means gas prices are rising about a penny a day.

The current national average price for a gallon of regular self-serve gasoline is $3.87, according to the AAA Fuel Gauge Report, the highest price ever in the month of March.

Gas prices have never been higher this time of the year in the U.S.

Gas prices increased 13¢ per gallon in the past week, and increased 29 cents in the last month. That means gas prices are rising 1- 2¢ per day.

In 12 California cities, the average price of gas has already surpassed $4.25.

Pacific Coast states have seen an average increase of 54 cents per gallon since the start of the year, while prices in Mountain West states have increased by only 16 cents during the same period, according to the AAA Fuel Gauge Report.

Gas prices are up over 11% for the year and have now increased for 32 consecutive days. Today’s retail gas price is 13 cents more expensive than one week ago.

2012’s Record High Gas Prices

Gas prices have never been higher this time of the year in the U.S.

Monday’s retail price for a gallon of regular gas in the U.S. is $3.56, up 5% in the past week alone, according to the AAA Fuel Gauge Report.

Gas prices are already up over 25 cents since Jan. 1. And the Oil Price Information Service predicts that gasoline prices could reach a record $4.25 a gallon by late April. That would top the record of $4.11 in July 2008.

Gas prices have been steadily been rising over the last several weeks, and experts are predicting that U.S. gas prices will top $4 a gallon by Memorial Day.

The current national retail average price for a gallon of self-serve regular gasoline is $3.48. Today’s price is five cents more expensive than one week ago, 11 cents more expensive than one month ago, and 36 cents more expensive than one year ago, according to the AAA Fuel Gauge Report.

Last month turned out to be the most expensive January ever for U.S. gas prices.

January is typically a month of falling gasoline prices because fuel demand slows down during the slower travel weeks that follow the year-end holidays. But January 2012 has been a much different story.

In January, retail gasoline prices averaged $3.37 a gallon, according to the Oil Price Information Service, a private fuel information service. That compared with the previous record average for the month of $3.095 a gallon, set last year. In 2010, January gasoline prices averaged just $2.71 a gallon – 66 cents less than what gas prices are today.