This is the wrong time of the year for gas prices to be climbing. Even though we are already well past the summer driving season gas prices have climbed nearly 18 cents in the past two weeks according to the latest Lundberg Survey. CNN reports that the price of crude oil has jumped $9 a barrel to nearly $80.50.
The average price of a gallon of self-serve regular was $2.655 as of October 23, said Trilby Lundberg, author of the Lundberg Survey. Since the October 9 survey, the average price per gallon has climbed by 17.82 cents. The current price is 12.3 cents less than the price a year ago.
The retail price of diesel fuel jumped a similar amount in the past two weeks -- 16.75 cents. The price of diesel fuel is $2.817, Lundberg said.
There has been no significant increase in the demand for crude oil, nor large decrease in supplies of crude that can explain almost a $9 per barrel jump in the past two weeks, according to Lundberg. Crude oil now costs $80.50 a barrel.
Some positive economic indicators and the Dow crossing the 10,000 mark earlier this week could have pushed oil higher. Consumers certainly don't need more pain at the pump right now. The AAA's Fuel Gauge Report shows prices up about 14 cents from a month ago. They have the national average gas price at $2.665.
