American Gasoline Prices Jumped 9% in August

U.S. gasoline prices surged to $3.83 per gallon nationwide on Aug. 31 from $3.52 at the end of July, the AAA Daily Fuel Gauge Report. That marked the biggest one-month increase in 16 months.

Pump prices edged a penny lower today.

AAA attributes much of the spike to heavy travel over the Labor Day weekend and refinery closings on the Gulf Coast, which was hit last week by Hurricane Isaac. This year's holiday peak price topped the Labor Day record of $3.68 set in 2008, the group notes.

Gasoline prices still remain well below their high of $4.11 in July 2008 and continue to roughly track the cost of petroleum. Oil futures topped $103 per barrel on the New York Mercantile Exchange early this year. U.S. pump prices hit their 2012 high of $3.94 in early April, then subsided 61 cents over the next three months. Crude slid below $78 per barrel in late June.

Oil futures surged 10% last month to $96.47 per barrel on Friday, $7.54 higher than a year earlier. Crude futures closed at $95.30 today.