Gasoline prices have continued to move up in the last week, as Iraq concerns take focus and drove crude oil prices higher. Another situation that hasn't yet impacted prices but will take focus is whether or not a bipartisan plan to raise the federal gas tax will take hold.
Across the country, prices were seen averaging $3.68/gal, the highest so far for 2014. Hawaii, Alaska, California, Washington, and Connecticut took the top five spots for highest gasoline prices, while South Carolina, Alabama, Mississippi, Tennessee, and Virginia took the title for cheapest gasoline prices.
Meanwhile, the biggest movers in the last week were Indiana, falling 12.3c/gal, Ohio, falling 12.1c/gal, Michigan, falling 9c/gal, Colorado, rising 8.7c/gal, and Mississippi, rising 8.0c/gal. A total of twenty states saw prices increase more than a nickle in the last week. Only Great Lakes states, along with Hawaii, saw a decrease in price last week. These states saw decline only because of their routine price cycling that sees prices fall sharply before spiking and then declining again.
For the week ahead, many areas that saw gains over a nickle should see a calmer, cooler week at the pump. So far this morning, oil prices are down 55 cents a barrel while gasoline spot prices are generally negative, a good sign for motorists.