The average price of gasoline in the United States is up for the 35th consecutive day, up to $3.79 per gallon of regular gas, according to AAA. That's up two cents from yesterday, and a whopping 48 cents from a month ago.
AAA earlier in the week said the month-over-month increase is the most dramatic since June 2009. The largest increase on record was August 5-September 4, 2005 when prices jumped 75 cents largely because of Hurricane Katrina," the travelers' services group said in its weekly price analysis yesterday.
AAA added that the price increase was "the longest streak since the price increased 44 cents over 44 days March 22-May 5, 2011."
The International Energy Agency listed several reasons for the price hike: first, refineries begin performing seasonal maintenance during the winter, raising prices; second, crude production from OPEC producing countries is behind last year; and third, OPEC countries are withholding its reserves:
"OPEC has plenty of spare capacity that it could bring into production to lower oil prices at a moment's notice," the IEA said.
by RTT Staff Writer
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