Gasoline prices in the Sacramento area, which stayed stuck in place for almost two weeks in the early parts of the current month, began to move again in the previous week. However, the move was not in a positive way.
Over the past week, the city’s average gasoline price gained 5.8 cents to reach $3.64 per gallon, according to SactoGasPrices.com’s weekly report released today.
Despite the increased average of gasoline prices, that rate is still lower compared to last year by 10.4 cents and cheaper versus the past month by 11.5 cents.
On the national level, the average gasoline price today rose 4.9 cents for a per gallon price of $3.49. That price is higher by 2.4 cents versus the past month but lower by 20.1 cents versus the previous year.
Analysts attribute the current gasoline prices to the increasing cost of crude oil. At the close of last week’s trading in the New York Mercantile Exchange, the per barrel crude price reached $91 following a period of very low levels of $81 per barrel in the early parts of the present month. However, the per barrel crude price dipped almost $3 in today’s trading due to renewed concerns about the debt-stricken economy of Europe.
GasBuddy.com’s senior petroleum analyst, Mr. Patrick DeHaan, said that moderate increases in the current gasoline prices were anticipated. However, the analyst said that he did not expect the country’s average to leave the mid-$3 per gallon mark that it has been stuck at until the middle to the latter parts of September. Until then, he said that he expects to get a little downside action.
By: Chris Termeer