Gas prices have climbed for 28 consecutive days. Many experts and analysts see no immediate relief anytime soon.
The current average for a gallon of regular gas in the US is $3.83, according to the AAA Fuel Gauge Report. This is up six cents from a week ago, 29 cents from a month ago and 96 cents from a year ago. The average price for a gallon of regular gas has topped $4 per gallon in 6 states and Washington DC.
- Hawaii $4.48
- California – $4.20
- Alaska – $4.18
- Connecticut $4.07
- Illinois – $4.07
- New York – $4.02
- Washington, D.C. $4.01
Due to bearish market influences, crude oil settled down $2.54 at $107.12 at the close of formal trading on Monday, April 18, 2011. This was the first time in more than a month that we have seen a week-over-week decrease in crude oil prices to begin a week. Then oil prices increased again and closed at over $109 per barrel on Tuesday.
Despite the recent ups and downs in oil prices, gas prices have continued to rise. As the change from winter-blend to summer-blend gasoline is taking place in many parts of the country, most drivers have continued to see the price of filling their gas tank climb higher.
Patrick DeHaan, a senior petroleum analyst for GasBuddy.com, said motorists are driving less than normal in response to rising gas prices, but only slightly less.
Many businesses whose livelihoods are tied to the price of gas say they are making changes in response to the rising prices. Many have been forced to increase prices of their products and services, while some have had to absorb the additional expense or risk losing jobs to competitors. Several companies have reported that using a vehicle tracking system has helped cut gas costs. Also, consolidating equipment and manpower has helped some companies to control costs despite rising gas prices.