Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Gas prices: Up 24 cents in 8 days

By Ben Rooney, staff reporter


NEW YORK (CNNMoney) -- Gas prices continue to rise for the eighth day in a row, as the effect of high oil prices trickles down to the pump.

The national average price for a gallon of regular gasoline rose 1.2 cents Wednesday to $3.387, according to a daily survey from motorist group AAA. Prices have jumped 23.6 cents over the past eight days.

Gasoline prices and taxes by state
Prices at the pump can vary widely among states due to a number of factors. More

Drivers in Hawaii continue to pay the highest prices in the nation, with the average price per gallon at $3.80. The lowest gas prices are in Wyoming, where drivers pay $3.09 a gallon on average.

Gas prices vary widely from state to state based largely on local tax rates. But prices have been trending higher nationwide following a rise in the price of crude oil, the main ingredient in gasoline.

Oil prices rose back above $100 a barrel Wednesday as jittery investors watched the political unrest unfolding across the Middle East, source of much of the world's crude supply. Oil prices jumped nearly 7% in February.

Gas station owners and others argue that the rise in oil prices is due to speculation that the turmoil in Libya, which follows popular uprisings in Egypt and Tunisia, could disrupt cause supply disruptions.

As gas prices rise, economists warn that consumers could begin driving less and cut back on spending. That would be problematic for the shell-shocked U.S. economy, which is driven largely by consumer spending.

Despite the rise in gas prices, demand for large pickups and SUVs actually increased last month.

Top automakers reported February sales figures Tuesday that beat analysts' expectations, with truck sales up 32% -- the best sales rate since before the financial meltdown.  To top of page

Index Last Change % Change
Dow 16,137.92 -236.84 -1.45%
Nasdaq 4,694.55 -38.95 -0.82%
S&P 500 1,925.86 -25.27 -1.30%
Treasuries 2.15 -0.02 -1.01%
Data as of 10:52am ET
Company Price Change % Change
Bank of America Corp... 15.68 -0.26 -1.63%
Apple Inc 109.64 -0.73 -0.66%
Facebook Inc 87.50 -0.65 -0.74%
Alcoa Inc 9.52 -0.05 -0.57%
General Electric Co 24.07 -0.44 -1.80%
Data as of 10:37am ET
Sponsors

Sections

The Force wasn't the only thing to awaken just after midnight on September 4. Cash registers sprang into life as fans flocked to buy new products tied to the latest Star Wars move. More

U.S. economy added 173,000 jobs in August, which while healthy, may not be enough for a rate hike from the Federal Reserve. More

Google has released Chrome 45, which claims to make your browser faster and give your laptop battery extra life. More

The BauBax travel jacket, with 15 built-in features, needed $20,000 on Kickstarter, but got $9 million. More

Pimco's famous fund once managed by star manager Bill Gross has less than $100 billion in management for the first time since 2007. More