Gasoline prices near their peak
August 13, 2009
Gasoline prices, which have surged 19 cents in the past 20 days, are not far from the highest level industry analysts expect this summer, but they remain well below last year’s record. The average national price for a gallon of gas could fluctuate between $2.55 and $2.70 a gallon in the coming weeks, according to spokesman Troy Green of motorist group AAA.
But he warned that the estimate depends on such factors as the price of crude oil, which has risen in the past few weeks, and the severity of the so-far quiet hurricane season. The national average price for a gallon of regular gasoline edged up 0.2 cent to $2.645 Monday, 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%. Hawaii had the highest gas prices of any state at $3.179 a gallon. The cheapest prices were in South Carolina, where gas averaged $2.424 a gallon.
Looking ahead: While July and August are peak driving months, rising unemployment has limited the amount of driving Americans can afford to do this summer.
“We’re still seeing a seasonal increase in gasoline demand, but it’s not as much as we typically get,” said Chris Lafakis, an economist who specializes in energy issues at Moody’s Economy.com.
Quotes are from http://money.cnn.com/ where you can get more details.
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