Gas Prices Rise Again, May Be Leveling Off

Gas prices increased over the last week according to a nationwide survey published on Sunday. While rising prices at the pump mean less money to spend elsewhere, the cost of gasoline rose at a smaller percentage than previous weeks, possibly signaling the current end to increasing prices.

The average cost per gallon throughout the United States over the last week was $3.76, up seven cents from two weeks ago.

That seven cent increase is significantly smaller than the 19 cents per gallon jump witnessed in the two weeks prior.

Study publisher Trilby Lundberg says of current market conditions:

“Higher crude oil and higher ethanol prices have worked their way into the pump.”

Analysts believe demand will fall off in September as the warmer travel months draw to a close. The loss of demand should help level out supply shortages caused by refinery and oil deliver problems, which have hampered the United States for months.

Gas prices could still be affected by outside forces such as Hurricane Isaac, which headed towards Florida on Monday morning.

Prices at the pump are still lower than April when they topped off at $3.97 per gallon nationwide.

The Lundberg survey notes that gas prices were $0.15 cheaper during the same time period one year ago.

Here are some of the average gas prices throughout the United States:

Boston – $3.78, Philadelphia – $3.78, Norfolk, Virginia – $3.60, Atlanta – $3.78, Denver – $3.44, Phoenix – $3.50, Billings, Montana – $3.57 and Portland, Oregon – $3.96.

Is your area still being hit with high gas prices as the summer draws to a close and the warm weather begins to retreat?

[Image via ShutterStock]