Survey – Current Gasoline Prices Head to Highest Level this Year

A recently published survey shows that the price of each gallon of gasoline has gained almost 8 cents over the last couple of weeks and is presently moving to its highest level for the year so far.

According to the Lundberg Survey, the current gasoline price average is $3.84 per gallon, a rate that is only lower compared to the highest level attained in April of this year by 13 cents.

Publisher Trilby Lundberg attributes most of the increase, though not all of it, to the refinery shutdowns that were caused by Isaac, a weather distrubance which was initially a Tropical Storm then eventually turned into a Hurricane.

The Hurricane and the power outages that came with it pushed refineries to shut down, especially those located in the Gulf region.

Around 1 cent of the increase in the gasoline prices today is caused by the slight jump in the crude oil price per barrel. In addition, if the crude oil price per barrel stays stable another increase may probably be experienced in the coming two weeks.

Several refineries in the United States will be going into their planned semi-annual maintenance phase. However, some of those that had closed down because of the storm are starting to open, according to Lundberg.

Moreover, the demand in the country usually falls in the month of September.

The current gasoline prices in thousands of stations all over the country are being tabulated numerous experts. The recent survey shows that Chicago has the highest average gasoline price today, at $4.30 per gallon, while El Paso has the lowest, at $3.44 per gallon.

By: Chris Termeer