Speculation, Middle East Volatility Driving Up Gas Prices
By: GasBuddy.com
Updated: February 27, 2012
Average retail gasoline prices in Texas have risen 8.4 cents per gallon in the past week, averaging $3.55 per gallon yesterday. This compares with the national average that has increased 11.3 cents per gallon in the last week to $3.64 per gallon, according to gasoline price website TexasGasPrices.com.
Including the change in gas prices in Texas during the past week, prices yesterday were 33.0 cents per gallon higher than the same day one year ago and are 28.3 cents per gallon higher than a month ago. The national average has increased 26.6 cents per gallon during the last month and stands 29.8 cents per gallon higher than this day one year ago.
"2012 is looking increasingly like 2008," said Gregg Laskoski, Senior Petroleum Analyst for GasBuddy.com. "Gasoline prices are climbing aggressively as speculation drives crude oil higher; and once again, it's an election year. But this time it's the volatility in the Middle East that has everyone wondering 'How high is up?'," he added.
Including the change in gas prices in Texas during the past week, prices yesterday were 33.0 cents per gallon higher than the same day one year ago and are 28.3 cents per gallon higher than a month ago. The national average has increased 26.6 cents per gallon during the last month and stands 29.8 cents per gallon higher than this day one year ago.
"2012 is looking increasingly like 2008," said Gregg Laskoski, Senior Petroleum Analyst for GasBuddy.com. "Gasoline prices are climbing aggressively as speculation drives crude oil higher; and once again, it's an election year. But this time it's the volatility in the Middle East that has everyone wondering 'How high is up?'," he added.
