Prices at the pump have been heading up for the past 21 days.
Wall Street 24/7 notes that the national average for a gallon of gas rose $0.17 in February to an average price of $3.45. However, the average price of gasoline for the entire month of February was just $3.34, which is the lowest monthly average since 2011.
Things are expected to get more expensive over the next few months.
The 5% price rise in February reflects the largest one-month increase since last July. AAA expects the price to peak between $3.55 and $3.75 a gallon in March or early April while refiners cut production as they switch to making more expensive summer-grade fuel. Last year’s peak price was $3.79 a gallon, and AAA does not expect gasoline to reach that level this year.
The five states where residents are paying the most for a gallon of gas are Hawaii ($4.08), California ($3.84), Alaska ($3.77), Connecticut ($3.75) and New York ($3.74).
The five states with the lowest prices per gallon are South Carolina ($3.17), Montana ($3.18), Alabama ($3.21), Mississippi ($3.22) and Tennessee ($3.22). According to AAA, less than 1% of all gasoline stations in the United States now are selling gasoline for less than $3.00 a gallon, compared with more than 25% selling sub-$3.00 a gallon gas in November.
