With the tensions in the Mid-East at the highest level experienced in decades, the price of a barrel of oil continues to increase, even in light of government assurances that there are plenty of reserves to adjust for the losses in production. All these tensions are showing at the pumps, also. Here are the national averages on the cost of a gallon, according to AAA.
Averages, Highs, And Where
This average is as the AAA reports it and is is for a single gallon of regular unleaded gasoline. Nationally the average is at $3.503, which is up by almost 0.15¢ from a week ago which was $3.354, and up by more than 0.75¢ from a year ago. Regionally the west coast maintains the highest prices, ranging from $3.889 to $3.555 in California, Oregon, Nevada, and Washington. Other interior states having comparable prices include Nebraska, and Illinois, and Northeastern states are New York, and Connecticut.
On The Other End, The Lower Prices
In the southern and upper Midwest consumers are enjoying the lower costs of their fuel. Prices ranging from $3.178 up to $3.374 have been reported in Oklahoma, Arkansas, Missouri, Montana, Idaho, Colorado, Utah, and Wyoming, with Scouth Carolina and New Jersey having the same on the east coast. Prices of between $3.376 to $3.433 can be found in many remaining southern states. The national average record high was reported in July of ’08 as $4.114, if the present upward trend continues the short 0.61¢ margin will quickly be covered.
Consumers Are Already Making Adjustments
Reports from around the nation are saying that 1 in 3 Americans are already making adjustments in their driving habits and budgets. The price of a barrel of oil reached the $104 mark on Friday, and market experts are saying that they don’t expect any relief here soon. The recent crisis in the Mideast has hurt oil production there, and has implications of escalating and further disrupting oil production. Increases in production elsewhere globally have been implemented, but have done little to stop the increases.