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 20% from January

Gas prices By Aaron Smith, staff writer

NEW YORK (CNNMoney) -- Gas prices have risen for 15 days straight days and are getting closer to the all-time high of $4.114 a gallon, reached in July 2008.

The average price of unleaded jumped 2.2 cents overnight to $3.707 a gallon, according to motorist group AAA. In the past three weeks alone, prices have jumped 4%. Year to date, gas prices are up a whopping 20%.

And it's not even summer driving season yet, when prices tend to peak for the year.

At this time last year, the nationwide average price for a gallon of unleaded was $2.83. That means that gas prices have gone up 87 cents, or 30%, over the last 12 months.

"It's pretty bad and it's likely to get worse," said Dan Dicker, an oil trader for 25 years and author of "Oil's Endless Bid: Taming the Unreliable Price of Oil to Secure Our Economy."

Dicker said the nationwide average price for gas could hit $4 again "if we get the regular kind of demand that we get during the summer driving season."

The increase is largely being fueled by higher oil prices, which have risen as oil producing nations in North Africa and the Middle East wrestle with chaos. The mayhem has sparked a 24% spike in oil prices over the last 12 months, though prices were relatively flat on Wednesday, slipping 13 cents to $108.15 per barrel.

While gas prices still have a bit of room to go before reaching the July 2008 record, the fact that they're this high before the summer driving season has even gotten underway could spell trouble ahead.

In Hawaii, gas prices have already exceeded the nationwide record. The average price of a gallon of unleaded in the Aloha State was $4.322 on Wednesday, the nation's highest. The lowest statewide average was in Wyoming, at $3.446 per gallon. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.92%3.83%
15 yr fixed2.99%2.98%
5/1 ARM3.27%3.18%
30 yr refi4.01%3.92%
15 yr refi3.08%3.08%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 17,813.39 1.20 0.01%
Nasdaq 5,116.14 13.34 0.26%
S&P 500 2,088.87 0.00 0.00%
Treasuries 2.23 -0.01 -0.49%
Data as of 7:30am ET
Company Price Change % Change
Pfizer Inc 32.87 0.90 2.82%
HP Inc 12.64 -2.00 -13.66%
General Electric Co 30.36 -0.30 -0.98%
Bank of America Corp... 17.44 -0.03 -0.17%
Freeport-McMoRan Inc... 8.10 -0.20 -2.41%
Data as of Nov 25


Looks like the Magic Kingdom is lacking some sparkle. Disney's cable channels have lost millions of subscribers in recent years. More

Brazilian police arrested a prominent senator and billionaire CEO for interfering in the investigation of Petrobras, which has pushed Brazil into recession. More

Watsi crowdfunds donations to cover healthcare costs of those in need. And it's seeing a surprising trend: micro-donations via the popular Chinese social networking app, WeChat. More

Some of the coolest toys this year are from small businesses. Here are 10 hot toys that just might be a smash hit this holiday season. More

Facebook just increased the amount of paid time off new dads working at its international offices can take. More