Summer Gas Takes a Hike

From Gasbuddy.com

Average retail gasoline prices in New York have risen 4.0 cents per gallon in the past week, averaging $3.90/g Monday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York. This compares with the national average that has increased 2.6 cents per gallon in the last week to $3.68/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 18.5 cents per gallon higher than the same day one year ago and are 4.8 cents per gallon higher than a month ago. The national average has increased 4.6 cents per gallon during the last month and stands 10.9 cents per gallon higher than this day one year ago.

“While concerns in Iraq have led to higher prices in many areas across the nation in the last week, a new concern has come to light: a possible increase in the federal gasoline tax,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Suddenly, there are a few different situations that bear monitoring that could have an impact at the pump: Iraq, the Feds (raising gas taxes), and the peak of hurricane season, which is coming soon. While this week at the pump could be a quiet one, especially if there’s no major Iraq news, motorists still face the threat of higher prices later in the summer, and watching lawmakers debate raising gasoline taxes certainly is worth monitoring,” DeHaan said.