Gas Prices Creeping Back to $2

One of the few silver linings of our currently pitch black economic cloud was the fact that the price of gas had fallen from this summer’s record highs to levels not seen in over five years.  For those of us struggling to make ends meet, the quick decline in the price of gas couldn’t have been better news.

Unfortunately, it looks like the break on gas prices may end up being short-lived.

Since the first of the year, the national average price of a gallon of regular unleaded gasoline has climbed nearly 20% — from $1.61 to $1.92 — and with the summer driving season right around the corner, it seems unavoidable that prices will climb even higher.

In addition to the higher demand for gasoline in the spring and summer months, gas prices also climb as refineries switch to “summer blend” gas.  This special blend has additional additives (read: costs more to make) that help to reduce emissions.

(As a side note, if this summer blend gas is, relatively speaking, better for the environment, why don’t we use it all year long?  Anyone??)

Currently, nine states and Washington, D.C. are reporting average gas prices in excess of $2 per gallon, with Hawaii reporting the highest price at $2.47 per gallon.  Within the continental U.S., California has the highest average price at $2.27 per gallon.  Utah is currently reporting the lowest average gas price at $1.70 per gallon.

Give the current world-wide economic downturn a repeat of last summer’s run-up in gas prices is extremely unlikely.  However, it’s probably equally as unlikely that gas prices will fall back below this winter’s lows.

Comments

  1. As much as 5% fuel savings can happen when using superior gasoline additive and synthetic engine lubricants. It’s a myth that synthetics cost more, they actually reduce your fuel and maintenance expenses.

  2. Everything has a knock on effect when the price increased in the US it also placed a massive increase on fuel within the UK.

    But gladly we have seen that increase fall back to lower prices.

    The problem we all have now is the Credit Crunch (recession)

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