The chances for late-summer discounts at the gas pump are looking pretty slim.
Americans are paying about 15 cents more for a gallon of gas now than they did over the July Fourth weekend and nearly $1 more than a year ago. The national average for a gallon of regular was $3.695 a gallon Friday, up 0.6 cent overnight, according to AAA, Wright Express and the Oil Price Information Service.
In a rare twist, California drivers aren’t paying the highest prices in the lower 48 states. That unwelcome distinction belongs to the Northeast. Refinery and import issues have tightened supplies there, while gas is more plentiful in California, according to Fred Rozell, retail pricing director at OPIS.
California drivers paid an average of $3.813 a gallon on Friday. Motorists paid $4.036 a gallon in Connecticut and $3.944 in New York. Prices in Hawaii and Alaska still top $4 a gallon. The cheapest prices were in the Rocky Mountains, Mississippi and parts of the Midwest. In Denver, pump prices were well below the national average at $3.458, up 0.2 cent from Thursday.
Analysts expect gas prices to be fairly consistent in the next few months, barring a hurricane that threatens Gulf Coast refinery operations or significant economic news affecting the price of oil. Benchmark West Texas Intermediate crude rose 74 cents to settle at $99.87 a barrel on the New York Mercantile Exchange.
