Gas prices averaging just below $3

Gas prices averaging just below $3

The average US price for a gallon of regular gasoline rose by six cents last week to start the new week at $2.87, according to the latest data from GasBuddy. In Maine, prices have risen 4.2 cents per gallon to an average price of $2.86.

"The geopolitical tensions prompted by the White House decision to re-impose sanctions on Iran, combined with higher crude oil prices, growing global demand, shrinking supply, and the seasonal switchover to summer blend gasoline are all combining to drive up prices at the pump", said Lloyd Albert, AAA Northeast senior vice president of public and government affairs.

"Gas prices are their highest in years, yet that doesn't seem to be slowing motorists down", said Mark Jenkins, spokesman at AAA in Tampa. Levels of all three were lower than a year ago led by oil inventories down almost 89 million barrels in the last year. "The latest round of figures from the Energy Information Administration show that gasoline demand is significantly higher than this time past year".

Nationally, gas prices have risen a little over 5 cents per gallon, with an average of $2.86/gallon.

AAA Michigan surveys daily fuel prices at 2,800 gas stations across the state.

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The most costly gasoline in the in California, where a gallon of regular is $3.69 on average, AAA said.

AAA Colorado expects prices to peak around $3 a gallon, but if there is an especially active hurricane season they could go higher.

This time past year, a gallon of regular was priced at an average of $2.32 per gallon in Colorado.

Arizona is poised to join the $3/gal club as it stands at $2.99 Monday, while NY sits nearby at $2.98.

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