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U.S. Gasoline Prices Soar
Americans are paying an average of $3.73 per gallon nation for gasoline, up 14 cents in the past week and 43 cents higher than a month ago, according to AAA Daily Fuel Gauge Report.
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Americans are paying an average of $3.73 per gallon nation for gasoline, up 14 cents in the past week and 43 cents higher than a month ago, according to AAA Daily Fuel Gauge Report.
The current pump price is 17 cents higher than a year ago.
Gasoline prices usually rise in the spring when refiners switch to producing their summer blends. Pump prices peaked last year at $3.93 in early April.
Analysts say speculators are anticipating the tighter supplies caused by the changeover by bidding up gasoline prices now. Gasoline futures closed last Friday at $3.13 on the New York Mercantile Exchange, up more than 3% for the week.
The U.S. Energy Information Administration predicts gasoline prices will average $3.55 per gallon this year, down from $3.63 in 2012.
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