U.S. Gasoline Pump Prices May Keep Rising in August, AAA SaysBarbara Powell
U.S. gasoline pump prices may follow July’s 14-cent rise with another increase in August, according to AAA, the nation’s largest motoring organization.
July’s average price of $3.58 a gallon is the third-highest on record for the month, Heathrow, Florida-based AAA said today in a statement. The potential for late-summer hurricanes and refinery problems at a time when many Americans take late-summer trips may boost prices in coming weeks.
The average jumped 33 cents a gallon last August because of refinery shutdowns and the impact of Hurricane Isaac along the Gulf Coast, AAA said in a statement today.
“Millions of Americans take long road trips in August and any unexpected production problems can result in serious supply and demand issues,” Avery Ash, a spokesman for AAA in Washington, said in the statement.
July prices increased at the fastest rate since February, propelled by higher “crude costs, refinery glitches and rising summer demand,” according to Ash.
The average is $3.627, AAA said today on its website. Prices are 12.7 cents higher than a year ago and reached a yearly high of $3.786 on Feb. 26. The low for the year is $3.291 on Jan. 1.