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Gas Prices Remain High As Oil Prices Increase

The current national retail average price for a gallon of self-serve regular gasoline is $3.67. Today’s average price is 4 cents more than the price one week ago, and two cents more than one month ago. Currently three states have an average retail price for regular unleaded of more than $4 per gallon – Hawaii, Alaska and Connecticut.

Oil reversed direction for the fourth straight trading day on Tuesday and climbed about 2 percent, as traders faced uncertainty about the direction of the economy and a weaker dollar.

Crude oil is used to produce gasoline and other fuels, and it’s also a major investment commodity. Prices can swing with the collective mood on Wall Street. Recently benchmark oil has fluctuated between $95 and $99 a barrel as investors gauge how Europe deals with Greece’s debt crisis and the debate goes on in Washington over spending and the U.S. debt ceiling.

The states with the most expensive gas are:

Alaska – $4.03
Connecticut – $4.02
Hawaii – $4.06
New York – $3.93
Illinois – $3.90
District of Columbia – $3.88
California – $3.80

San Francisco area has the most expensive gas in California, about $3.895 for an average gallon of regular. In Orange County, gas prices are averaging $3.802, up 2 cents more than one week ago, but nine cents less than it did a month ago. It’s still 68 cents more expensive than it was a year ago. Tuesday marks the 11th consecutive day the average price increased in the O.C. Before the upward streak began, it had fallen 62 times in 63 days.

The EIA has said that U.S. gas prices reached their peak for the year in early May. AAA reported that prices peaked at $3.98 on May 5.

If your business has been affected by this year’s high gas prices, now may be a good time to consider GPS fleet tracking.  A fleet tracking system can significantly help you to cut fuel costs, increase efficiency, and reduce vehicle emissions.