Tuesday, September 16, 2008

Gas prices rise another penny

Gas prices ticked up another penny, bringing the total increase in gas prices to 18 cents since Hurricane Ike rocked the Gulf, according to a survey released Tuesday.
The average price of unleaded regular rose 1.2 cents to $3.854 a gallon, according to the survey released by motorist group AAA.
That followed increases of 4.7 cents on Monday, 5.8 cents Saturday and 6.2 cents Sunday. The jump on Sunday was the biggest one-day spike since after Hurricane Katrina hit the Gulf Coast in 2005.
Hurricane Ike slammed the Gulf Coast of Texas early Saturday, shutting down the heart of the nation's refinery operations. Preliminary reports indicate, however, that damage to refineries was not as bad as expected. Refineries process crude oil into usable products, such as gasoline and home heating oil, and are vulnerable to floods.
Before the storm, drivers had been breathing a sigh of relief as gas prices eased off the high price of $4.114 a gallon set July 17. Now, gas prices have increased for seven consecutive days and, while they're lower than a couple months ago, gas is 38% higher than the same time last year.
Twelve states reported gas prices above $4 a gallon in the AAA survey: Alaska, Alabama, Georgia, Hawaii, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.
Alaska had the most expensive gas prices, at $4.398 a gallon .The least expensive gas was in New Jersey, where gas cost $3.536 a gallon, according to AAA's Web site.
Even as gas prices continue to tick higher, crude futures were trading near $93 a barrel, or $54 off the record high price of $147.27 a barrel, set July 11

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