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Gas Prices Hit More Than $5 A GALLON After Rising For The Past 32 Days

Fuel prices have skyrocketed across the  country, with a gallon of gas reaching past $5.00 in some parts of the  country.

The price of petrol has been continually  climbing for the past 32 days, causing many Americans to spend as much as 10  percent of their income on gas.

Experts are puzzled why prices keep  ascending, as many drivers tend to shy away from long trips in the winter months  due to slick road conditions.

According to AAA’s Daily Fuel Gauge report,  the national average for a gallon of regular gas is $3.73, up two cents from  yesterday.

A year ago, the median price was $3.56 per  gallon.

The escalating cost of fuel comes as many  Americans are facing an end to Bush-era tax cuts and are already coping with  smaller paychecks and less disposable income.

KTLA reports  that regular fuel costs $5.09 a gallon, while premium can run up to an  eye-watering $5.39 a gallon.

With most non-hybrid vehicles getting between  20-30 miles per gallon and most drivers averaging 29 miles a day, the price  spike is worrisome, especially since fuel prices tend to rise during the spring  and summer months.

The cause of the price hikes is complex –CNN Money reports that it is a ‘confluence of factors, from rising  crude oil prices, to production cuts and refinery closings.’

In addition, consumer reports show that the  job and housing markets are slowly but surely creeping back to where they were  before the recession, meaning the cost of oil has been rising with  it.

Pound for pound, North Dakotans have paid the  most for fuel, based on their income. According to AAA’s Fuel Gauge Report, the  average gas price is $3.67 a gallon.

While it’s not the priciest in the nation, it  is a whopping 10.3 percent of their income.

Prices typically rise in March and April,  when car owners begin to travel longer distances.

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Posted by on February 19, 2013. Filed under NY News,Slider. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.