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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.80%
15 yr fixed3.09%3.11%
5/1 ARM2.65%2.69%
30 yr refi3.77%3.86%
15 yr refi3.09%3.21%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 12,454.83 -74.92 -0.60%
Nasdaq 2,837.53 -1.85 -0.07%
S&P 500 1,317.82 -2.86 -0.22%
Treasuries 1.74 -0.01 -0.80%
Data as of 2:36pm ET
Company Price Change % Change
Bank of America Corp... 7.15 0.01 0.14%
Sprint Nextel Corp 2.62 0.09 3.56%
Cisco Systems Inc 16.33 -0.06 -0.37%
Chesapeake Energy Co... 15.81 0.23 1.48%
Ford Motor Co 10.60 0.01 0.09%
Data as of May 25

Sections

The Senate hearing will focus JPMorgan's recent $2 billion trading loss, which Dimon announced earlier this month. More

The offer for mail handlers is part of the Postal Service's plan to cut 150,000 jobs by 2015. More

In the whirlwind of its IPO fallout, there has been a sort of glee in watching the company stumble. What's driving the Facebook-schadenfreude and what can the social network do about it? More

One in six children in the United States is obese. These small businesses have found creative -- and lucrative -- ways to fight the childhood obesity epidemic. More

In Harper County, Kansas, oil companies are offering farmers up to $1,250 an acre for the mineral rights that allow them to drill for oil on their property. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.