Author Topic: Pump prices jump 12 cents, AAA sees further rise  (Read 426 times)

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Offline happyg

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Pump prices jump 12 cents, AAA sees further rise
« on: July 22, 2013, 10:15:37 AM »

American motorists are bracing for further increases in gas pump prices this summer after average national prices rose 12 cents in the past week alone.

AAA says drivers are experiencing "sticker shock" as increased summer demand, unrest in Egypt and production disruptions in the U.S. and other countries push up the price of crude oil and gasoline.

The national average price for regular unleaded gasoline was $3.67 a gallon on Friday.

(Read more:

Spiking gasoline prices

Scott Shellady, Trean Group; and Jonathan Nejad, Parity Energy discuss how to play the rising gas prices and cash in on the spike.

AAA says that's 23 cents more expensive than the same time last year but still below the all-time daily high of $4.11 a gallon on July 17, 2008.

The association says retail gas prices are likely to rise more in the coming weeks.

Unscheduled refinery shutdowns or hurricanes on the U.S. Gulf Coast could also add to price increases.

June CPI up more than expected at 0.5%

A jump in gasoline prices helped fuel consumer prices last month. CNBC's Rick Santelli breaks down the latest economic data, with CNBC's Steve Liesman.

In the 12-months through June, consumer prices advanced 1.8 percent after rising 1.4 percent in May. It was also the largest increase since February.

Stripping out volatile energy and food, consumer prices increased 0.2 percent for a second straight month. That took the increase over the 12 months to June to 1.6 percent, the smallest increase since June 2011.

The so-called core CPI had increased 1.7 percent in May.

Kevork Djansezian | Getty Images News | Getty Images

While both inflation measures remain below the Federal Reserve's 2 percent target, details of the report suggested the recent disinflation trend had probably run its course, with medical care costs rising.

There were also increases in the prices for new motor vehicles, apparel and household furnishings. That could keep on track expectations the U.S. central bank will start scaling back its massive monetary stimulus in September.

Fed Chairman Ben Bernanke, who last month said the central bank would start cutting back the $85 billion in bonds it is purchasing each month to keep borrowing costs low, has viewed the low inflation as temporary and expects prices to push higher.

Offline Rapunzel

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Re: Pump prices jump 12 cents, AAA sees further rise
« Reply #1 on: July 22, 2013, 11:36:09 AM »
I heard this weekend we can thank the ethanol mandated the latestvincreases at the pump.

Online mountaineer

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Re: Pump prices jump 12 cents, AAA sees further rise
« Reply #2 on: July 22, 2013, 11:46:59 AM »
The price here jumped 35 cents per gallon over the course of two weeks.   :chairbang:
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