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Gas Prices Surge In Last Week

Regular gas up more than 13 cents a gallon

By Mark Huffman
ConsumerAffairs.com

October 23, 2009
With the price of crude oil eclipsing the $80 a barrel mark, the national average price of gasoline has jumped 13 cents a gallon in the last 7 days.

According to AAA, U.S. motorists are paying an average of $2.636 a gallon today for regular self-serve, up from $2.501 a week ago. The average price of diesel fuel is $2.776 a gallon, up from $2.653 a gallon.

Alaska has the most expensive gas in the nation, with a statewide average of $3.385 a gallon, up only slightly from last week. The cheapest gas in the nation is South Carolina, where the statewide average has risen to $2.478. A week ago, South Carolinians were paying an average of $2.298 a gallon.

In California, the average price today is $3.01 a gallon. The most expensive market is San Francisco, where the average price is $3.151 a gallon. The cheapest California market is Yuba City, with an average price at the pump of $2.803 a gallon.

Gasoline prices appear to be taking their cue from rising oil prices and a weak dollar. This week oil hit its high for the year on the New York Mercantile Exchange, even though there was little change in U.S. stockpiles. So this week's dramatic run-up in pump prices might be short-lived.

"Economic optimism and dollar weakness can only take oil prices so far, so fast," said Andrew Delmege, AAA's manager of regulatory affairs. "Demand for most petroleum products, despite some signs of improvement, remains very soft. The US supply of gasoline also remains significant despite falling by more than five million barrels last week, as evidenced by the recent move of some refineries to reduce gasoline production in the hopes of clearing some more of their existing stockpile. Some market watchers believe oil prices may ease a bit after investors reconsider these bearish fundamentals."

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