UPDATED: Mar 13, 2020
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Do you ever get the feeling that the oil companies resolved to squeeze every last penny they can from our wallets and pocketbooks as their New Year’s resolution? That’s probably not the case, but it sure feels that way when we pull up to the pump.
According to the United States Energy Information Administration (U.S. EIA), average gasoline prices have risen by almost 13 cents in the past two weeks, and more than 8 cents in the last week nationwide. And gas is almost 30 cents higher than it was at the same point last year.
The average cost of a gallon of gas in the United States currently sits at $3.382, and the average cost of a gallon of diesel comes in at $3.828. While the rise in gasoline price is substantial, the price of diesel has risen by almost 50 cents from this point last year.
Some portions of the country have been hit harder than others. In the Atlanta metro area, gas prices have risen 17 cents in a week. The state of Pennsylvania has seen a rise of 9.6 cents per gallon in the same week.
But things could be worse, say pundits. The Lundberg Survey claims that the ending of government subsidies on ethanol, which expired on December 31, should have increased gasoline prices significantly, but as of yet, have not.
“Consumers are being shielded for now from 5 to 7 cents more in price hikes,” says Trilby Lundberg, president of the Lundberg Survey, a California company that tracks nationwide fuel prices.
And most expect gasoline prices to continue to rise through summer, meaning another nine months of potential increases.