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 fixed3.40%3.39%
15 yr fixed2.66%2.66%
5/1 ARM2.89%2.86%
30 yr refi3.42%3.42%
15 yr refi2.70%2.69%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 18,454.30 -48.69 -0.26%
Nasdaq 5,222.99 -9.34 -0.18%
S&P 500 2,176.12 -4.26 -0.20%
Treasuries 1.57 0.00 0.26%
Data as of 12:57am ET
Company Price Change % Change
Bank of America Corp... 16.19 0.08 0.47%
EMC Corp 28.99 0.32 1.12%
Chesapeake Energy Co... 6.51 0.07 1.09%
Freeport-McMoRan Inc... 10.56 -0.42 -3.83%
Ford Motor Co 12.55 0.08 0.64%
Data as of Aug 30

Sections

Martin Shkreli, the reviled drug company CEO who faces federal criminal charges, nearly doubled his $3 million investment in KaloBios. More

Donald Trump has said he doesn't want to touch Social Security or other entitlements. And his campaign says he'd "protect" it. But a key economic adviser thinks the candidate 'might do something different' if he's elected 'because you have to do something different.' More

Uber has hired on Jeff Jones, formerly chief marketing officer of Target, to serve as president of the company. More

With a veto from Gov. Chris Christie, the "Fight for $15" was dealt a setback in New Jersey. But legislators may sidestep Christie and put the question directly to voters in 2017 as to whether they would like to increase the state's minimum wage to $15. More