Gas prices moving higher

Gas prices jumped 17 cents per gallon in the past week, according to GasBuddy’s daily survey of 104 gas outlets in Topeka. The average gallon of gasoline as of Sunday cost $3.49. The national average increased 11.7 cents per gallon in the past week to $3.62.

Sunday’s prices were 14.2 cents per gallon higher than the same day one year ago and are 0.9 cents per gallon lower than a month ago. The national average has increased 0.4 cents per gallon during the last month and stands 19.5 cents per gallon higher than this day one year ago.

 “Nationally, gasoline prices have begun moving upward yet again. I suspect that the unrest in Egypt is playing a significant role in pushing crude values higher, and thus retail gasoline prices higher as well,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “The market is seemingly quite sensitive to the situation in Egypt as the Energy Information Administration has reported two consecutive weeks of large declines in crude oil inventories, drawing concern that a loss in Middle Eastern crude would mean continued declines in inventories stateside,” DeHaan said.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s