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NEW YORK: Gas prices continued to climb Monday, with the national average up nearly 19 cents over the last 20 days, according to motorist group AAA.The national average price for a gallon of regular gasoline edged up 0.2 cent to 2.645, according to AAA’s daily survey of up to 100,000 filling stations.Prices have increased every day since July 21, when the national average stood at 2.458 a gallon. During that time, the national average has risen 18.7 cents, or 7.6%.Gas prices were highest in Hawaii, where a gallon averages 3.179. South Carolina had the cheapest gas prices in the nation at 2.424 a gallon. The spike comes as the price of crude oil, which is the main ingredient in gasoline, has been pushed higher by signs of economic stabilization and a rally on Wall Street. At the same time, analysts point out that July and August are peak driving months and that gas prices typically surge during the summer as more Americans take to the roads. On June 21, the national average topped 2.693 a gallon — its highest level of the year. But prices eased in the weeks following the July 4th holiday, slipping below 2.50 a gallon. Last summer, gas prices soared to an all-time average high of 4.114 a gallon on the back of oil prices near 150 a barrel. Prices abruptly dropped in the second half of last year, with the national average gas price plunging to a low of 1.656 in December.

Source:CNN

(CNN) — Gasoline prices rose more than 15 cents in the past two weeks, the result of rising crude oil prices, according to a survey published Sunday.The average national price of a gallon of unleaded gasoline was at 2.6442, the August 7 Lundberg survey found, an increase of 15.83 cents from two weeks ago.The increase results from a full month of higher crude oil prices, said survey publisher Trilby Lundberg.”Both oil and gasoline prices are about where they were back in late June,” Lundberg said. However, “as far as pump price hikes, this is probably it for a while, if crude oil stays put,” she said.Gasoline demand is down so far this month, she said. Job losses have resulted in fewer commuters on the road, and the summer demand season is short-lived.The August 7 price is about 1.20 below gas prices a year ago, she said.The city with the lowest average price in the survey was Charleston, South Carolina, at 2.38 per gallon of unleaded. The highest was Honolulu, Hawaii, at 3.07.Here are the average prices in some other cities:– Baton Rouge, Louisiana, 2.47– Atlanta, Georgia, 2.50– Salt Lake City, Utah, 2.55– Minneapolis, Minnesota, 2.59– Boston, Massachusetts, 2.65– Portland, Oregon, 2.71– Los Angeles, California, 2.99

Source:CNN

ATLANTA (CNN) — Gasoline prices fell more than 7 cents a gallon over the past two weeks, despite a rise in crude oil prices, according to a survey published Sunday.The average price of a gallon of self-serve regular gasoline at metropolitan-area stations was 2.4859, the Lundberg Survey found — a decline of 7.14 cents from two weeks ago. That drop came despite an 8-per-gallon rise in the price of crude oil in that period, said survey publisher Trilby Lundberg.”The price would have risen instead of falling … if not for profit-margin losses for refiners and retailers,” she said. “Both refiners and gasoline retailers failed to pass through the higher oil prices and instead took cuts in their own margins.”Poor demand for gasoline because of rising unemployment was one reason the refiners and retailers absorbed the cuts, she said.But she added they “can’t hold out forever.”"They will need to pass on to consumers through the system at least a dime’s worth of oil price pressure,” she said.”I think that it will be soon,” she added. “For example, even if crude prices slip back slightly I think we can expect a gentle rise in retail gasoline,” both because of the current thin market levels and the usual lag time for price rises to work through the system.In fact, the daily gas price survey conducted for motorist group AAA has shown the national average for regular has risen the past five days. On Sunday, it was up 1.1 cents to 2.492 a gallon.The current prices are 1.51 per gallon below where they were a year ago, Lundberg said. On July 29, 2008, the average price was 3.9959 a gallon, down from that summer’s peak of 4.1124.The city with the lowest average price in the latest survey was Jackson, Miss., with 2.22 a gallon for regular self-serve. The highest average was in Honolulu, at 3.03, Lundberg said.Here are the average prices in some other cities: Houston, 2.29; Tucson, Ariz., 2.30; Little Rock, Ark., 2.33; Atlanta, 2.35; Cleveland, 2.40; Detroit, 2.43; Minneapolis, 2.49; Hartford, Conn., 2.55; Portland, Ore., 2.60; San Diego, 2.76.

Source:CNN

NEW YORK: It’s been one year since drivers across America were stuck paying the highest gas prices on record, and the memory is not a pleasant one for consumers. Friday marked the anniversary of 4.114-a-gallon gas. It was the highest national average price ever recorded by motorist group AAA, which has conducted a daily survey of up to 100,000 filling stations since 2003.The surge took a heavy toll on consumers. Not only did the cost of driving jump, but prices for other consumer staples, such as groceries, also shot up as transportation costs increased. In response, consumers drastically cut back on driving and many switched to more fuel-efficient cars.That led to huge financial losses for automakers. Earlier this year, General Motors and Chrysler, two companies that specialize in full-size automobiles, both declared bankruptcy. Now, the national average stands at 2.481 a gallon, down nearly 40% from last year’s peak. Gas prices have fallen for 26 days in a row after climbing to 2.693, the highest level of 2009, on June 21. While prices average 2.50 a gallon or less in 28 states, gas remains above 3 a gallon in both Hawaii and Alaska, where gas taxes are comparatively high. Analysts say gas prices could continue to fall over the next few weeks. But summer is peak driving season — not to mention hurricane season in the oil-producing Gulf of Mexico — and it’s possible prices could rebound in August. “We think that 2.50 a gallon is a pretty good number for consumers to budget their fuel expenditures,” said AAA spokesman Geoff Sundstrom. Last year, gas prices were driven higher by a an unprecedented rise in the price of crude oil, which is the main ingredient in gasoline. Oil prices settled at a record 145.29 a barrel one day before the price of gas hit its all-time high. Oil prices plunged in the second half of 2008 as the global economic crisis unfolded. Gas prices followed suit, with the national average price dropping to about 1.60 a gallon in December. More recently, crude prices have traded in a range near 60 a barrel as demand for oil-based products remains weak.

Source:CNN

NEW YORK: The national average price for gas fell below 2.50 a gallon for the first time since May, motorist group AAA said Thursday, providing a much needed break for cash-strapped drivers.The national average for regular gasoline slid 1.2 cents overnight to 2.492 a gallon, according to AAA’s daily survey of up to 100,000 filling stations. Prices have not been this low since May 30, when the national average stood at 2.484 a gallon. Gas prices have fallen for 25 days in a row, dropping more than 20 cents in that time, after the national average rose to 2.693 a gallon — its highest level of the year — on June 21. Despite the decline in the national average, gas prices remain above 3 a gallon in Alaska and Hawaii. Gas was cheapest in Missouri, where a gallon averages 2.245.Gas prices spiked in June as the price of crude oil, which is the main ingredient in gasoline, rose above 72 a barrel and producers switched to more expensive summer fuels. However, gas prices typically fall after the July 4th holiday.While gas prices remained well below the highs of last summer, the recent run-up took a toll on households already struggling with unemployment and housing woes. Last year, gas prices soared to an all-time high of 4.114 a gallon in July as oil prices skyrocketed to a record near 150 a barrel. Prices abruptly dropped in the second half of last year, with the national average gas price falling to a low of 1.656 in December.

Source:CNN

ATLANTA (CNN) — Prices at the pump dropped more than a dime over the past two weeks, according to a survey published Sunday. The average price of a gallon of self-serve regular gasoline is 2.55, the Lundberg Survey found — a decline of 10.4% from June 26. The decline was the first two-week drop since March, when prices went down a penny, said survey publisher Trilby Lundberg. It was the largest two-week decline in gas prices since early December. It can be traced to rapidly dropping crude oil prices during the same period, Lundberg said. A year ago, on July 11, 2008, gas prices were a record-setting 4.11 per gallon — 1.56 above this week’s price, she said. The current price is the result of a global oversupply of crude oil and petroleum due to eroding demand in the ailing economy, she said. 0:00
/3:24Ford: Consumers want green cars”The recent drop … comes directly from lower oil prices. We can expect further price cuts at the pump going forward — maybe huge ones — in the coming weeks” depending on crude oil prices and the unemployment rate, Lundberg said. The city with the lowest average price in the survey was Wichita, Kansas, with 2.26 for a gallon of self-serve regular. The highest was Honolulu, Hawaii, at 3.20. Here are the average prices in some other cities: – Charleston, South Carolina — 2.36 – Houston, Texas — 2.37 – Atlanta, Georgia — 2.42 – Baltimore, Maryland — 2.48 – Billings, Montana — 2.59 – Salt Lake City, Utah — 2.61 – Portland, Oregon — 2.68 – San Francisco, California — 2.94 – Boston, Massachusetts — 2.61

Source:CNN

(CNN) — Despite travelers taking to the road for vacations and the Independence Day weekend coming up, gasoline prices in the United States are unchanged from two weeks ago, according to a survey published Sunday.The average price of a gallon of self-serve regular is 2.66, according to the Lundberg Survey — the same average price the survey found earlier in June. By contrast, a year ago the survey found drivers paying 4.10 for regular gas on June 20, 2008 — 1.44 more than the current average. Last summer’s average prices peaked in July at 4.11 for a gallon of regular gasoline.The lack of movement in current prices is due to two factors, according to survey publisher Trilby Lundberg.”Prices are stuck because the weak dollar won’t let crude oil prices fall much, and weak oil demand won’t let it climb much,” she said.One factor affecting demand is unemployment in the United States, she said.”With so many unemployed motorists, commuter driving is down considerably, let alone recreational driving,” Lundberg said, adding that worldwide crude oil prices are holding in a narrow range of 68-71 per barrel.The June 26 survey, which tallied prices at thousands of gas stations nationwide, found the current lowest average in Wichita, Kansas, at 2.40 per gallon. The highest average was in San Francisco, California, at 3.02.Here are average prices in some other U.S. cities:– Houston, Texas – 2.46– St. Louis, Missouri – 2.51– Atlanta, Georgia – 2.56– Boston, Massachusetts – 2.67– Boise, Idaho – 2.74– Chicago, Illinois – 2.88– Baton Rouge, Louisiana – 2.53

Source:CNN

NEW YORK: The price of a gallon of gas dipped Monday, snapping a 54-day run-up.Nationwide, the average price for a gallon of regular unleaded gasoline edged down to 2.69, shaving just three-tenths of a cent from the previous day’s average of 2.693, according to motorist group AAA.The single day turnaround in prices does not promise a trend, but after a relentless climb in recent weeks, any pull back is welcome. Prices have risen since the end of April, when the national average was 2.05 a gallon.Two states still have gasoline above 3 a gallon. In California, the price of a gallon of gas averaged 3.027; in Hawaii, the average was 3.057. Gas prices have been climbing higher on the back of surging crude oil, which is the main ingredient in retail gasoline. Crude oil has more than doubled in price since mid-December, when it reached as low as 33.87 a barrel. At 6:30 a.m. ET on Monday, oil was trading just above 68 a barrel. 0:00
/4:36T.Boone Pickens: 300 oilThe surge in gas prices threatens to derail any economic recovery. With consumers having to pour more dollars into their gas tank, the fear is that they will have to cut back in other areas. Furthermore, consumers are already on edge with unemployment rates continuing to inch up. Friday, the government reported that jobless rates increased in forty-eight states and the District of Columbia. Has the rebound in gas prices caused you financial hardship? Are you spending less on other items to help with the cost of driving? Have you postponed summer driving plans? We want to hear your experiences. E-mail your story to realstories@cnnmoney.com and you could be part of an upcoming article. For the CNNMoney.com Comment Policy, click here.

Source:CNN

NEW YORK: Gas prices have risen for 50 days in a row and the pain at the pump is taking a toll on household budgets across the nation. Nationwide, gas prices now average 2.679, motorist group AAA said Wednesday. Prices have risen every day since April 29, when the national average stood at 2.05 a gallon. Drivers in every U.S. state, with the exception of South Carolina, now pay an average of at least 2.50 a gallon. In the Palmetto State, gas averages 2.49 a gallon. The runup in gas prices comes at a time when drivers are already struggling with record high unemployment and an abysmal housing market. “The rise is gas prices is putting a large dent into our household budget at a time when we are already feeling some pain,” said Michael Clark, a technologies business analyst in Phoenix. Clark, who said prices at his local station have gone up more than 90 cents since May, was recently asked by his employer to accept a 15% pay cut. “I do not understand how the stock market can be up and the price of oil rising when everybody I know is hurting so badly,” he said. Many economists worry that consumers like Clark will be forced to cut back on spending on other items to make up for higher pump prices. That could pose a serious threat to the already battered economy, since consumer spending makes up the bulk of U.S. economic activity. The spike in gas prices comes on the back of a surge in the price of crude oil, which is the main ingredient in retail gasoline.The price of oil has more than doubled since late December, climbing from a low of 33.87 a barrel to more than 70 recently. Meanwhile, gas prices have followed a similar trajectory, jumping more than 1 a gallon over the same time period. Oil prices have been driven higher as investors bet the world’s once-robust demand for energy is poised for a rebound. However, many analysts say the recent runup is overdone, and that oil prices at current levels are not justified based on sound economic fundamentals. Has the rebound in gas prices caused you financial hardship? Are you spending less on other items to help with the cost of driving? Have you postponed summer driving plans? We want to hear your experiences. E-mail your story to realstories@cnnmoney.com and you could be part of an upcoming article. For the CNNMoney.com Comment Policy, click here.

NEW YORK: Gas prices have been on a tear, with the national average climbing more than 28% since late April, motorist group AAA said Thursday. The national average price for a gallon of gasoline now stands at 2.632, up from the previous day’s price of 2.627, according to a daily survey by AAA. Gas prices have risen daily since April 29, and are nearly 1 higher since the beginning of 2009. However, prices are about 1.50 cheaper than they were at this time last year. California had the highest gas prices in the nation. Drivers in the golden state pay an average of 2.945 a gallon. The state with the lowest price was South Carolina, where a gallon of gas averages 2.416.The run up comes on the back of a surge in the price of crude oil, which is the main ingredient in gasoline. Oil prices have more than doubled since the end of last year.At the same time, gas prices typically rise in the summer months, which is traditionally the peak driving season. While demand for gas remains relatively weak because of the nation’s economic woes, there are some signs that Americans are still willing to fill up their tanks. Government figures showed Wednesday that demand for gas over the most recent 4-week period returned to positive territory. This is the first time this year that demand rose versus the same period in ‘08.Another government report showed Thursday that retail sales rose in May, due in large part to higher gas prices and purchases of automobiles.

Source:CNN