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 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.

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