Gas prices surge nearly 5 cents

Aftermath of Hurricane Ike brings 3-day rise to nearly 17 cents a gallon in AAA survey.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

NEW YORK (CNNMoney.com) -- Gasoline prices rose nearly 5 cents a gallon Monday, bringing the total increase in the three days since Hurricane Ike slammed into Texas to almost 17 cents, according to a nationwide survey.

The average price of unleaded regular rose 4.7 cents to $3.842 a gallon, according to the survey released by motorist group AAA. That followed increases of 5.8 cents Saturday and 6.2 cents Sunday, which was the biggest one-day spike since after Hurricane Katrina hit the Gulf Coast in 2005 .

Gas prices are up 8.1 cents from a month ago and $1.048 from a year ago, according to AAA.

Ike slammed into the Texas coast and shut down the heart of the nation's refining operations. Early indications were that the storm did minimal damage to those operations, which was reflected in a drop in crude oil futures - down $3.14 to $98.04 a barrel in electronic trading.

Eleven states have gas prices above $4 a gallon in the AAA survey, led by Alaska at $4.371. The others -most of them in the Southeast and Midwest - are Alabama, Georgia, Hawaii, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina and Tennessee.

South Carolina was among the states with the lowest gas prices during the runup toward the record high of $4.114 set July 17.

The lowest prices were found in New Jersey, at $3.523 a gallon.

The average price in Texas, where the storm hit, was $3.686, up 4.1 cents, according to the AAA survey.  To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
10 things you'll love about Windows 10 There's a lot to like about Windows 10. Here are our favorite features in Microsoft's soon-to-be-released operating system. More
Warren Buffett's gone cold. How his top 10 stocks are doing The Oracle of Omaha is an investing legend. But several of Berkshire Hathaway's biggest investments are off to a lousy start in 2015. Will shareholders complain at the annual meeting in Omaha on Saturday? More
BMW's M235i doesn't compromise BMW's new M235i gives you the performance of an M car for a lot less money. More