Fuel Costs Up 18 Cents Nationwide Thanks To High Crude Prices, Other Factors
NEW YORK (CBSNewYork/AP) -- Motorists are paying more to fill their gas tanks. The Lundberg Survey says the average price of a gallon of gasoline has gone up 18 cents over the past two weeks.
The Lundberg Survey of fuel prices puts the average price for a gallon of regular at $3.69, about 8 cents higher than the same time last year.
Nationally, a gallon of mid-grade averages $3.84 and premium $3.96.
1010 WINS' Steve Sandberg reports
Podcast
In New Jersey, drivers are paying $3.61 for a gallon of regular compared to $3.35 a month ago. In New York, it's $4.03 a gallon, up from $3.76 last month. If you fuel up in Connecticut, the current average is $3.95 compared to $3.68 last month.
EXTRA: Find Cheapest Gas Prices In Your Area
Analysts say one factor for the summer gas price spike is an increase in crude oil prices.
WCBS 880's Paul Murnane: Up To $4.19 In Norwalk
Podcast
Right now, a barrel costs $94 compared to late June when it was only $78. Economists say that's a result of production outages in South Sudan and western sanctions on Iranian oil.
Problems with refineries and pipelines in the West Coast and Midwest are also factors, including a massive fire in California.
"While these situations are temporary in nature, it goes to show this nation's dependence on domestic refineries," GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said in a statement.
But DeHann said there is some light at the end of the tunnel for drivers.
"Driving season will be over in less than a month and soon thereafter the EPA also relaxes gasoline mandates, meaning cheaper winter fuel," DeHaan said.
Tucson, Ariz., has the nation's lowest price at $3.18, while Chicago had the highest at $4.23.
Please share your thoughts below...
(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
