Gas: 12% Surge In Three weeks

Motorist group AAA reports that gas prices are on the rise yet again, with the national average up nearly 12% in less than three weeks, according to a daily survey. The national average price for a gallon of regular gasoline has increased to $2.290 a gallon.

Gas prices have generally been on an upward trajectory since early December, when the national average hovered above $1.60 a gallon. But prices are still well below last year’s all-time high of $4.114 a gallon. However, the price jump has been felt across the country, with drivers in all 50 states, and the District of Columbia, paying regular unleaded gas prices of $2 a gallon or more.

Analysts say the recent increase is due primarily to a rebound in the price of crude oil, which is the main ingredient in gasoline. Additionally, gas prices typically rise at this time of year as refiners and retailers gear up for the summer driving season.

Despite the recent uptick in gas prices, some 27 million people are planning to travel by car this Memorial Day, according to AAA. That’s 2.6% higher than a year earlier, when gas prices were hovering around $3.90 a gallon.