Gasoline Prices Rising Toward Labor Day
August 29, 2016 • by Staff
Photo via Wikimedia.
National gasoline prices continued an upward trajectory in the last week of August, even as prices appear poised for another pullback with crude futures falling on Monday on growing expectations oil producers may not stabilize output.
The national price increased 4.4 cents to $2.193 per gallon, according to U.S. Department of Energy data. The average price as tracked by AAA increased 6 cents to $2.22. Even with the increase, drivers are paying 27 cents less than they did at this time a year ago, according to AAA. Labor Day fuel prices should come in at a low not seen since 2004.
Oil prices have been increasing on fears that the U.S. Federal Reserve may increase interest rates, a move that could curtail demand, reports MarketWatch.
New England, the Lower Atlantic, and the Midwest paced the move higher for the week ending Aug. 29 with these regions increasing 6.2 cents to $2.166, 5.2 cents to $2.068, and 5 cents to $2.171 respectively.
Gasoline prices in three states remain below $2 per gallon, including South Carolina ($1.95), Alabama ($1.98), and Mississippi ($1.996).
Price increases in the rising regions has been largely tied to refinery issues in the Gulf Coast including flooding at the Baton Rogue Exxon Mobil and Covent facilities and a refinery outage in Baytown, Texas, which have pressured prices higher in areas supplied by these facilities, according to AAA.
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