Gas Prices Keep Rising to Closeout Summer Driving Season

After dropping for two months, including a streak of 53 of 54 days, pump prices are again on the rise heading into Labor Day weekend. The national average price for regular unleaded gasoline has increased for 14 consecutive days. Today’s average price of $2.22 per gallon marks an increase of six cents per gallon compared to one week ago and eight cents per gallon compared to one month ago. Despite the increase, drivers are paying 27 cents less than they did at this same time last year and are on track to pay the lowest Labor Day gas prices since 2004.
According to a AAA survey, 55 percent of Americans say they are more likely to take a road trip this year due to lower gas prices. OPIS projects that Americans will purchase about 400-million gallons of gasoline each day over Labor Day weekend, at an aggregate cost of about $880-million per day. While the national year-over-year discount remains, it has closed substantially from more than fifty cents just ten days ago.
A number of factors have been driving prices higher for motorists including: higher crude oil prices, refinery issues in the Gulf Coast, and the threat of a tropical weather system moving into the Gulf of Mexico. The rising crude oil prices can be attributed, in part, to talks of an agreement to limit production amongst OPEC countries and news from the U.S. Federal Reserve that the U.S. may raise interest rates in the next couple of months.









