End of Summer Travel Season Causes Yet Another Spike in Gas Prices

August 14, 2012

Retail gas prices jumped again as last minute travelers close out the summer driving season. Gas prices in the Southeast reached year-ago levels and the national average for regular retail gasoline is eight cents more than a year ago today.

Last week an unexpected refinery fire in California and a pipeline leak in the Midwest caused retail gas prices to spike. In addition, the price of crude oil continues to trade at more than $90 a barrel.

“So much occurred in the last couple of weeks that has led to current pump prices,” said AAA spokeswoman, Jessica Brady. “Elevated oil prices, domestic supply disruptions, tropical storms and more have led to the spike at the pump and it looks as though prices will continue to increase throughout the month. Hopefully, retail prices will drop after the Labor Day holiday when demand tends to fall and we switch to a cheaper fuel blend.”

A barrel of oil settled Friday at $92.87, which is a $1.47 more than the week prior.

The national average price of regular unleaded gasoline is $3.69, an 8-cent increase from a week ago today. Georgia’s average of $3.57 rose 9 cents from last week, respectively. According to Motortrend.com, the lowest price for a gallon of regular unleaded gasoline is $3.48, and in Washington the price is $3.45 a gallon.