Tags: Gas Prices

Gas at $4 in Nation's Capital, 5 States; NY Next

Saturday, 16 Apr 2011 01:17 PM

 

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NEW YORK (AP) — NEW YORK (AP) — Drivers in Washington, D.C., on Saturday joined motorists in five states who are paying more than $4 per gallon for gasoline.

The average price for gas in New York could top $4 by early next week. Hawaii, Alaska, California, Illinois and Connecticut already have pump prices above that mark, according to AAA's Daily Fuel Gauge. Hawaii has the highest price in the U.S. at $4.47 per gallon.

The national average for gas has increased for 25 straight days, and is now $3.82 per gallon. Retail surveys suggest motorists are reacting to higher prices now by buying less fuel. Still, the government expects pump prices to keep climbing this summer as vacationers take to the highways.

The average price of gas rose to $4.003 per gallon in the nation's capital Saturday. The New York average is $3.996.

For American drivers, the $4 mark harkens back to the summer of 2008, when oil rose to $147 per barrel and gas prices topped out at $4.11 per gallon before the economy went into a tailspin.

The rapid increase at the pump follows a parallel rise in oil. Since Labor Day, oil has risen 48 percent and U.S. gas prices have gone up 42 percent. The increases gained momentum in Mid-February when a popular rebellion built in Libya, eventually turning violent and shutting down the country's exports. Crude has jumped 30 percent since then, with gas prices gaining 22 percent.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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