Despite a lag in consumer fuel demand and a rise in U.S. stockpiles of crude oil, the national average for a gallon of regular retail gasoline is likely to reach $4 a gallon this month.
So far, 11 states have an average of $4 a gallon with Maryland, Nevada, Wisconsin, and West Virginia likely to reach a state average of $4 by the end of the week.
“Not too much has changed from last week in terms of what’s affecting the oil market and retail gas prices. President Obama and other world leaders still plan to enact further sanctions on Iran in hopes of preventing the country from developing nuclear weapons. As long as tensions remain with Iran, we are going to see elevated gas prices,” said Jessica Brady, AAA spokeswoman, The Auto Club Group. “Consumers can expect gas prices to increase again this week.”
The price of a barrel of oil settled Friday at $103.02 on the New York Mercantile Exchange--$3.85 less than the week prior.
The national average price of regular unleaded gasoline is $3.92, a 3-cent increase from last week. Florida’s average of $3.93 also increased 3 cents. Georgia’s average of $3.84 and Tennessee’s average price of $3.76 both increased 5 cents from last week, respectively. Visit AAA’s Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.
Current and past gas price averages: National: