Gas Prices to Climb Through Labor Day, According to AAA

CostsA new report from AAA reveals that gas prices went up faster in July 2012 than they did in July 2011 – 15.7 cents per gallon on average for 2012. According to AAA, this increase is seasonal and has occurred during five of the last 10 years.

The summer low for gasoline prices was $3.26 on July 2. Currently, the average national gas price is $3.61 per gallon, more than the average of $3.54 in July 2011. The report says that gasoline prices have historically dropped in August for the last seven out of 10 years. However, AAA predicts that gas prices this month will remain stable or increase slightly. Prices will start dropping again after Labor Day as the summer driving season comes to an end.

The main factors influencing retail gasoline in July included rising crude and ethanol prices, geopolitical concerns in the Middle East and mixed economic news surrounding the global economy.

AAA reported that the five states with the highest gasoline prices include: Hawaii at $4.148; Alaska at $3.995; Conn. at $3.818; Calif. at $3.802; and N.Y. at $3.767. The five states with the lowest prices include: SC at $3.202; Miss. at $3.241; Ala. at $3.254; $3.270; and Ark. at $3.276.

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