Report Says Gas Prices to Stay Flat or Climb Through Labor Day

WASHINGTON – In a new report from AAA, the organization stated that gas prices in July 2012 went up faster than they did in July 2011, at 15.7 cents per gallon on average for 2012. This increase is seasonal and has occurred during five of the last 10 years, according to AAA.

The summer low for gasoline prices was $3.26 on July 2. Currently, the average national gas price was $3.61 per gallon, more than the average of $3.54 in July 2011.

For the month of August, AAA said gasoline prices have historically declined in seven out of the last ten years, but the company is predicting that gas prices in this month in 2012 will remain flat or move up slightly. Prices will start falling again after Labor Day, the organization stated, as the summer driving season comes to an end.

Factors influencing gasoline prices currently involve rising crude oil and ethanol prices, the ongoing geopolitical concerns in the Middle East, and a mixed global economic picture.

AAA reported that the five states with the highest gasoline prices include: Hawaii R $4.148; Alaska at $3.995; Conn. at $3.818; Calif. at $3.802; and N.Y. $3.767. The five states with the lowest prices include: S.C. at $3.202; Miss. at $3.241; Ala. at $3.254; Ariz. at $3.270; and Ark. at $3.276.