The average price of a gallon of regular nationwide is higher than it was a year ago, which is a fairly good measure of how much prices have risen. At $3.312 versus $3.310, the difference does not seem significant, but the period of increase has been long enough to matter.
The price of gasoline began to rise in earnest a month ago. At that point, the average price of a gallon rose to $3.326. In some of the largest states by population, the figure was much higher. In California, the current price is $3.658. In New York it is $3.692. In many other large states, except Texas, the number has tipped above $3.40.
Another sign that gas prices have risen is the number of states in which the average price of a gallon of premium is above $4. The figure is four, with several just below that level.
Although oil prices are not a perfect measure of the future of gasoline prices, their contribution is substantial. The current price of oil is about even with a year ago. However, over the past several weeks, the level has climbed. If political problems persist in the Middle East and central Africa, the rise could continue for a while. For now, that trend has been offset by an oversupply of crude. Persistent turmoil on the one hand, too much oil on the other.
Gas prices have not risen enough to affect the economy. And they may not come near $3.50 or $3.60 a gallon at all this year. But prices are rising again, and it is very hard to argue that the trend is positive.
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