Gas prices are climbing for a month after the price was plummeting for the last six months.Md Noman Siddique (Author) Published Date : Feb 24, 2015 10:07 IST
Gas prices are steadily on the rise for a month after it was plummeting for last six months. According to the recent market data released by AAA the average price for a gallon of regular unleaded gasoline increased to a national average of $2.30 per gallon.
AAA said the steady rise was increasing every day for the past 28 days. According to market data, the reverse price began after 123 days of decline, which had begun in September and ended last month. AAA said the average gasoline price plummeted to its five year s low of $2.03 last month.
In a statement spokesperson for AAA Michel Green said, We re seeing a typical trend in prices right now. Pretty much every year gas prices rise in the spring and peak by May . He said it was expected as refineries were having workers strike and the price of crude oil is on the high.
According to the energy experts oil prices were plummeting worldwide as there was an oversupply in the global market. The price was plummeting for four months and cut the price for crude oil as low as half to its previous value. The decline began from last summer and continued till beginning of 2015. But the latest market data suggest that the crude price is on the rise and the prices are also rising in the consumers end accordingly.
It was earlier reported that, the crude oil price fell as low as $45 a barrel in January. But recently the West Texas Intermediate crude oil price climbed more than 10 percent. Last month the price for Brent crude reached as high as $60 per barrel, which was $58.90 per barrel on Monday.
But AAA said U.S. car users are still paying $1.11 less per gallon on average than last year. According to AAA, motorists from Utah and Idaho are getting the lowest prices in US with an average of $1.95 per gallon and Hawaii has the highest price with an average of $3 per gallon.
Gas prices are climbing for a month after the price was plummeting for the last six months.