Vehicle Tracking Systems

Gas prices could climb to more than $5 per gallon this year if Washington can’t reach an agreement by August 2. Yesterday oil prices increased to nearly $100 per barrel as legislators battled over an agreement on the U.S. debt limit and the American dollar weakened over uncertainty about the economy.

While congressional leaders bickered over spending and raising the borrowing limit ahead of an Aug. 2 deadline, the dollar fell sharply against the euro and other currencies on Tuesday. That tends to raise the price of oil, since crude is priced in dollars and a weaker dollar makes oil more of a bargain for traders using other currencies.

“A U.S. government default that causes institutional investors to dump U.S. government bonds, triggering a plunge in the dollar, pushing up oil’s price,” according to the International Business Times. The report said the bickering could push oil prices higher, which would eventually show up at the pump and trickle to other parts of the economy.

Temperatures aren’t the only that’s been heating up across America this weekend. AA is reporting that gas prices have risen for the 3rd straight week. The national average price for a gallon of regular gasoline was slightly more than $3.70 on July 22, an increase of 8.58 cents in the past two weeks, according to the Lundberg Survey released this weekend.

A year ago, the price per gallon was $2.73, about 96.72 cents less than the current price. The average price for a gallon of gas in the United States rose for the first time since early May following an increase in the price of crude oil, according to the latest Lundberg survey, which includes data from over 2,500 gas stations across the continental US.

Prices in Tucson, Arizona were the lowest in the nation at $3.28 a gallon. Chicago drivers are currently paying the highest gas prices at $4.07 per gallon.

Gas Prices Up 5 Cents in Last 30 Days, Good and Bad News for California Gas Prices

Gas prices are currently on a slightly upward trend. The average price for a gallon of regular unleaded gas is currently $3.68, up 5 cents since 30 days ago, and 3 cents since one week ago, according to the AAA Fuel Gauge Report. The reasons gas is slowly creeping back up after a two-month decline include: the faltering Greek economy, a weaker US dollar, unrest in Libya, increasing demand for gas and limited production from refineries.

Gas prices in California have remained unusually low, when compared to other states in the US. Typically California has the highest gas prices in the continental US, but several other states currently have higher prices such as Connecticut, Washington, New York and Washington D.C. The average price in California is $3.782 today, a 2 cent increase since last week.

For Californians there is good and bad news, gas still costs 14.4 cents less than it did a month ago, according to AAA’s Daily Fuel Gauge Report. However, it’s still 67.3 cents more expensive than it was a year ago.

The current national retail average price for a gallon of self-serve regular gasoline is $3.67. Today’s average price is 4 cents more than the price one week ago, and two cents more than one month ago. Currently three states have an average retail price for regular unleaded of more than $4 per gallon – Hawaii, Alaska and Connecticut.

Oil reversed direction for the fourth straight trading day on Tuesday and climbed about 2 percent, as traders faced uncertainty about the direction of the economy and a weaker dollar.

Crude oil is used to produce gasoline and other fuels, and it’s also a major investment commodity. Prices can swing with the collective mood on Wall Street. Recently benchmark oil has fluctuated between $95 and $99 a barrel as investors gauge how Europe deals with Greece’s debt crisis and the debate goes on in Washington over spending and the U.S. debt ceiling.

Gas prices have continued to rise during the month of July. This week, a gallon of regular unleaded is averaging $3.67 per gallon, according to the AAA Fuel Gauge Report. This price is 4 cents higher than one week ago, one cent higher than a month ago, and 95 cents higher than one year ago. One week ago, gas was averaging $3.63 a gallon.

Gas prices have been rising across the entire US, according to AAA. In Florida the average price of $3.66 per gallon is a 6 cent increase from last week. Gas prices in Rhode Island are on the rise, up seven cents from last week, averaging $3.82 per gallon. Massachusetts gas prices are up for the second consecutive week. Regular gas jumped a nickel in the past week to an average of $3.71 per gallon.