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Largest Gas Price Increase for August in Seven Years

September 6, 2012

National average gas prices increased 30.8 cents or 8.75 percent a gallon in August. This was the largest monthly price increase since April 2011 and the second highest increase for the month of August in AAA’s records, which date to 2000.

“It has been a really tough summer for drivers nationwide with high gas prices breaking daily records,” said Chuck Mai, AAA Oklahoma spokesman. “Every week there seems to be something new driving up gas prices, whether it is a major refinery fire, a pipeline closure or a Gulf Coast hurricane.” 

National gas prices in August increased steadily from a low of $3.51 a gallon on August 1 to a high of $3.829 a gallon on August 31. This was largest August price increase since 2005, when prices increased 33.5 cents a gallon. The largest spike in gas prices this August comes immediately following the largest price increase for the month of July in AAA’s records (AAA’s July Gas Month Report).

The average price of gas in the U.S. in August was $3.69 a gallon, which was the second-highest average on record for the month. The highest monthly average for August was $3.77 a gallon in 2008.

Prices have increased 53 out of 60 days after reaching a summertime low of $3.33 a gallon on July 2.

The national average price of gasoline has increased about 11 cents a gallon since August 22, when forecasters began predicting that Isaac could move towards the Gulf Coast.

The average price of gas in 2012 is $3.62 a gallon, which is slightly more than the average of $3.56 through August 31 in 2011. The average price of gasoline in 2012 currently is on track to be the highest annual average ever. The average price of gas over the previous five years is $3.06 a gallon.

The three main factors driving gasoline prices in August included increased crude oil costs; regional supply problems in the Midwest and West Coast caused by refinery and pipeline disruptions; and Gulf Coast refinery closures in advance of Hurricane Isaac.

The average price of gas in 2012 is $3.62 a gallon, which is slightly more than the average of $3.56 through August 31 in 2011. The average price of gasoline in 2012 currently is on track to be the highest annual average ever. The average price of gas over the previous five years is $3.06 a gallon.
   
The three main factors driving gasoline prices in August included increased crude oil costs; regional supply problems in the Midwest and West Coast caused by refinery and pipeline disruptions; and Gulf Coast refinery closures in advance of Hurricane Isaac.

 

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