Gas prices continue steady climb

@CNNMoneyInvest March 1, 2012: 7:00 AM ET
Gas prices continue to climb, topping $4 in some U.S. cities.

Gas prices continue to climb, topping $4 in some U.S. cities.

NEW YORK (CNNMoney) -- The nationwide average for gasoline prices approached $3.74 a gallon Thursday, continuing a steady rise for the 23rd consecutive day, according to the motorist group AAA.

The average price rose 0.7 cent a gallon in the latest 24-hour period, AAA said. A month ago, the nationwide average was $3.44 a gallon.

Gas prices are up 14% so far in 2012. The average price is down 37.6 cents, or about 9.1%, from the record high of $4.11 on July 17, 2008.

Average prices for regular gasoline top $4 a gallon in California, Alaska and Hawaii, with Hawaii's price of just above $4.35 a gallon standing as the nation's high. Prices are within a nickel of the $4 mark in New York and Connecticut, according to AAA.

The average price remains below $3.20 a gallon in Colorado and Wyoming, with Wyoming having the nation's lowest gas price at slightly above $3.17 a gallon.

Check gas prices in your state

Gas prices have been rising on the back of soaring oil prices, which have surged 10% over the past month amid fears that tensions with Iran will lead to an all-out war that causes a disruption in oil supplies. But despite this increase, U.S. crude oil prices continue to decline.

Signs of an improving economy have also been boosting oil prices, along with the stock market. All three major indexes hit multi-year highs this week, and the S&P 500 (SPX) has risen by more than 8% in 2012.

On Monday, TransCanada (TRP) announced that it will move forward with parts of the Keystone XL pipeline, which will boost the flow of crude oil from the oil sands of Canada to the Gulf Coast. While the White House denied a more controversial proposal earlier this year, this portion does not require federal approval and is expected to be operational in 2013.

As gas prices soar, Republican candidates are looking to tie President Obama's policies to the increase.

Earlier in the week, Rick Santorum blamed the president for blocking the expansion of domestic energy production. Santorum also argued that high gas prices were to blame for the 2008 housing meltdown and ensuing economic slump.

For full coverage on the challenges of rising gas prices, check out CNNMoney's Gas Prices section. To top of page

Index Last Change % Change
Dow 17,804.80 26.65 0.15%
Nasdaq 4,765.38 16.98 0.36%
S&P 500 2,070.65 9.42 0.46%
Treasuries 2.18 -0.03 -1.27%
Data as of 6:09pm ET
Company Price Change % Change
Bank of America Corp... 17.62 0.09 0.51%
Apple Inc 111.78 -0.87 -0.77%
General Electric Co 25.62 0.48 1.91%
Intel Corp 36.37 -0.65 -1.76%
Microsoft Corp 47.66 0.14 0.29%
Data as of 4:04pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.01%4.03%
15 yr fixed3.12%2.97%
5/1 ARM3.11%2.99%
30 yr refi4.04%4.09%
15 yr refi3.15%3.05%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.