Last Updated:November 29 @ 05:55 pm

Gas prices average $3.66, more costly than a year ago

By Sandy Shore

(AP) - For the first time since late April, the average price of gasoline is higher than it was a year ago.

Drivers are now paying an average of $3.66 per gallon, a penny more than on this day last year. The last time gas that happened was April 23, according to auto club AAA. Gas is up 10 percent from July 1 and experts say pump prices could keep rising through Labor Day.

Some drivers, like those in the Midwest and on the West Coast, are feeling a bigger pinch. Prices spiked about 40 cents per gallon last week in parts of Wisconsin, Michigan and Illinois because of refinery and pipeline problems. This week, drivers in California, Oregon and Washington are watching pump prices jump after a partial outage at a big Chevron refinery.

Gas prices had already been steadily advancing across the country in line with an increase in oil.

In all on Thursday, 19 states have average prices above what they were on this date a year ago, according to Tom Kloza, chief oil analyst at the Oil Price Information Service. He sees more increases ahead.

"Trends indicate that more than half of the country may see year-on-year increases" by mid-August, Kloza said.

Kloza does expect nationwide gas prices to fall after Labor Day. In many cities prices should drop below $3.50, while in a few cities gas could fall below $3 per gallon, he said.

Californians, however, will be happy if gas stays below $4. Chevron Corp. is producing gasoline and other fuels at a reduced capacity at its oil refinery near San Francisco after a fire Monday. The refinery was producing about 16 percent of the West Coast's daily gasoline consumption, Kloza said.

Some California cities could see $4 gas, but prices should stabilize without additional refinery problems, Kloza said. Average gas prices in California were $3.9274 per gallon Thursday, up 7.4 cents since Monday, AAA spokesman Michael Green said

Analysts believe other refineries could make up some of Chevron's lost production, helping to curb price hikes.

Meanwhile, oil prices were flat after China said factory production grew at a slower pace in July and retail sales weakened. That's renewing expectations for government action to boost the world's second-biggest economy.

Benchmark oil rose 1 cent to $93.36 per barrel in New York. Brent crude, which is used to price international varieties of oil, gained $1.08 to $113.22 per barrel in London.

Other futures prices on the New York Mercantile Exchange:

- Natural gas prices rose after a government report showed a smaller than expected increase in U.S. inventories. Futures rose 1.2 cents to $2.945 per 1,000 cubic feet, although they had gained more than 10 cents earlier.

- Heating oil increased 2.91 cents to $3.045 per gallon.

- Gasoline gained 2 cents to $3.00 per gallon.

VN:F [1.9.6_1107]
Rate this post:
Rating: 5.5/10 (4 votes cast)
Gas prices average $3.66, more costly than a year ago, 5.5 out of 10 based on 4 ratings

Don't leave yet! Add a comment below or check out these other great stories:


  1. dthur1003Comment by dthur1003
    August 10, 2012 @ 10:09 am

    WOW! $3.66 per gallon ! I wish ! Here in podunk little Fort Wayne, IN, our gas prices are $3.95 a gallon, higher than California !

    VN:F [1.9.6_1107]
    Rate this comment:
    Rating: 4.0/5 (3 votes cast)
  2. jenerseaComment by jenersea
    August 10, 2012 @ 10:27 am

    Gee rising gas prices again, just in time to add onto the rising costs of electricity due to shutting down coal powered plants. Hows that change working for you?

    VN:F [1.9.6_1107]
    Rate this comment:
    Rating: 5.0/5 (2 votes cast)
    • billwvComment by billwv
      August 10, 2012 @ 11:25 am

      My thoughts exactly; this [numbskull POTUS and Senate Majority Leader [Dingy / Slimy Harry] are just about as inept and clueless as have ever come down the pike.

      VN:F [1.9.6_1107]
      Rate this comment:
      Rating: 5.0/5 (1 vote cast)
    • CarmineComment by Carmine
      August 10, 2012 @ 12:28 pm

      Good going, Barry. Your policies are making more people mad at you. Keep it up, you are helping yourself to a single term. Couldn’t happen to a nicer guy.

      VN:F [1.9.6_1107]
      Rate this comment:
      Rating: 5.0/5 (2 votes cast)

Leave a Comment

Reference Pages

  • About
  • Network-wide options by YD - Freelance Wordpress Developer