Motorists are paying more to fill their gas tanks. The Lundberg Survey says the average price of a gallon of gasoline has gone up 18 cents over the past two weeks.
The Lundberg Survey of fuel prices puts the average price for a gallon of regular at $3.69, about 8 cents higher than the same time last year.
Nationally, a gallon of mid-grade averages $3.84 and premium $3.96.
In New Jersey, drivers are paying $3.61 for a gallon of regular compared to $3.35 a month ago. In New York, it’s $4.03 a gallon, up from $3.76 last month. If you fuel up in Connecticut, the current average is $3.95 compared to $3.68 last month.
Analysts say one factor for the summer gas price spike is an increase in crude oil prices.
Right now, a barrel costs $94 compared to late June when it was only $78. Economists say that’s a result of production outages in South Sudan and western sanctions on Iranian oil.
Problems with refineries and pipelines in the West Coast and Midwest are also factors, including a massive fire in California.
“While these situations are temporary in nature, it goes to show this nation’s dependence on domestic refineries,” GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said in a statement.
But DeHann said there is some light at the end of the tunnel for drivers.
“Driving season will be over in less than a month and soon thereafter the EPA also relaxes gasoline mandates, meaning cheaper winter fuel,” DeHaan said.
Tucson, Ariz., has the nation’s lowest price at $3.18, while Chicago had the highest at $4.23.
Source: 1010 WINS