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The price of a gallon of regular unleaded gasoline remained relatively flat over the past week, however, the year-over-year price increase continues to climb higher.
Currently, the national average price of a gallon of regular unleaded gasoline is $2.65 per gallon, down slightly from $2.66 per gallon a week ago.
This leveling off is due in large part to a pretty substantial drop in the price of oil due to increased concern that consumer and economic activity would remain extremely weak for an extended period of time.
Today’s price is up from $2.50 a month ago and $2.11 a year ago. The year-over-year price gain represents just over a 25% increase. Considering the United States and much of the rest of the world are stuck with sluggish economies and high unemployment, this significant jump in the price of gasoline has to be a cause for concern.
However, 2hile the jump in the price of gasoline is pretty steep, it certainly could be worse. Over the past year, the price of oil is up close to 40%, and is up over 135% since the January 1, 2009.
Only Hawaii ($3.38) and Alaska ($3.32) have a state-wide average price above $3 per gallon. There are 11 states with an average price below $2.50 per gallon, with Missouri having the lowest average price at $2.42 per gallon.
