Gas Prices start rising across the US with average 22 cents gain in three weeks
The recent strength in crude oil prices has led to an increase in the gas prices across the country. The gas prices on an average increased by 22 cents over the last three weeks. A Lundberg survey released on Sunday has found average price rising to $2.82 per gallon.
After the crude oil price increase over the last weeks, the moderate decline in U.S. dollar against major currencies has also led to rise in gasoline prices across the country, said Tribly Lundberg, publisher of the Lundberg Survey.
The price still was 93 cents lower than the average price last year. The midgrade gasoline was priced at $3.00 while premium gasoline average price was $3.16. The average price for Diesel remained at $2.97.
While Baton Rouge, Louisiana had the lowest gas price at $2.32 per gallon, people in Los Angeles had to pay the highest at $3.95 for gasoline.
The average price in California increased by 53 cents to $3.76 per gallon compared to national average increase of 22 cents.
Lundberg said, “The chances are high that there will be small or negligible price rises from here in the national average, assuming no crude oil price spike in the near future.”
Crude prices are expected to remain range-bound or even week in the coming weeks.
However, the increase in price of gasoline has already shown its impact on the consumer sentiment. Over the last 10 months, U.S. motorists have saved good amount of cash each month on their gasoline expenses. This had led to a boost in consumer sentiment and higher spending on other items.
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