Pain at the Pump

The American Automobile Association (AAA) reports that prices at the pump are continuing their upward climb early this year.

According to an AAA news release on Feb. 15, gas prices have climbed everyday for the past 29 days, climbing seven cents to a national average of $3.64 a gallon. In the past month, AAA reports, prices have jumped 35 cents and since Feb. 1 prices have increased 18 cents.

“Prices at the pump continue to rise, although the double-digit weekly increases have eased a bit,” said Ragina C. Averella for AAA mid-Atlantic.  “Since mid-January, the price of fuel has been propelled higher by more expensive crude oil, but more notably by regional refinery issues and the approaching switchover to summer-blend gasoline.  As temporary production concerns are addressed, AAA expects price increases to slow.  Based on this expectation, the national average is likely to increase through April, however, it is expected that it will peak this spring at a lower price than in 2011 ($3.98 on May 5) and 2012 ($3.94 on April 5 and 6).”

More from AAA’s Feb. 15 press release follows:

The recent surge in gas prices has motorists and analysts alike wondering what to expect at the pumps this year.  In its Short-Term Energy Outlook(STEO) report, the Energy Information Administration notes it expects that falling crude prices will contribute to a decline in the national annual average regular gasoline retail price from $3.63 per gallon in 2012 to $3.55 per gallon in 2013 and $3.39 per gallon in 2014, about 11 cents per gallon and 4 cents per gallon higher than forecast in last month’s STEO, respectively.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

AAA has a variety of resources to help motorists save on fuel:

• Fuel Price Finder (AAA.com/fuelfinder) locates the lowest fuel price in your area.
• Fuel Cost Calculator (FuelCostCalculator.AAA.com) helps budget travel expenses.
• TripTik Mobile (AAA.com/mobile) plots fuel prices along your travel route.
• AAA’s Member Rewards Visa® Credit Card (AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.

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