NATIONAL GASOLINE PRICE AVERAGE TOPS $2.00

NEWS from AAA South Dakota, March 26 – For the first time in more than four months, the national average retail price for gasoline has topped $2.00 per gallon, according to AAA.

AAA’s Fuel Gauge Report (www.aaafuelgaugereport.com) shows self-serve regular gasoline now selling for an average of $2.009 nationwide. The last time the benchmark price was more than $2 per gallon was on Nov. 20, 2008, when it stood at $2.020. Since that date, the lowest price recorded for the national average was $1.616 on Dec. 30, 2008.

South Dakota’s statewide average price for self-serve regular now stands at $1.983 with lower prices in the Rapid City area at $1.903. Wyoming has the lowest price among all the states at $1.798. California has the highest price average among the 48 contiguous states at $2.201.

“Isolated signs that the economy is strengthening has increased demand for oil, causing futures prices for the commodity to rise,” said Mark Madeja, spokesman for AAA South Dakota. “That’s what is driving pump prices now, coupled with a weakened U.S. dollar and the prospect for higher demand for gasoline as the summer driving season approaches.”

AAA cautions that the current price surge may be slowed by the vast amount of oil now being stockpiled in the U.S., and by continued low gasoline use.

Data released by the Federal Highway Administration for January showed vehicle miles driven across the country fell by about 3.1 percent compared to January, 2008. However, for the first time in more than a year, the Western region of the U.S. measured a slight increase in the amount of miles driven. Hawaii, California, Oregon and Nevada all posted small increases in vehicle miles traveled.