05 February 2013 15:38 [Source: ICIS news]
HOUSTON (ICIS)--The national average price for a gallon of regular unleaded gasoline in the US has hit $3.42/gal, which is higher than the year-ago level, automobile organisation AAA said on Tuesday.
The national average price has increased by 17 cents/gal since 28 January, making it the largest gain in nearly two years, AAA said in its Fuel Gauge Report.
The last time the national average increased more rapidly was 25 February-4 March 2011, when violence in Northern Africa and the Middle East caused fears of supply disruption for oil and gasoline, the report said.
“The recent price surge has been largely the result of higher crude oil prices and the ‘rubber-banding’ of midcontinent retail gasoline prices, which fell dramatically to end the year and are now swinging back to the upside,” said AAA’s Michael Green.
While prices in every state have climbed over the last week, AAA said the Midwest, California and Colorado had the sharpest increases with Indiana and Michigan rising by more than 30 cents/gal each.
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