Stagnito Media Convenienece Store News Convenienece Store News Single Store Owner Progressive Grocer The Gourmet Retailer Progressive Grocer Store Brands Retail Leader hispanic
 
May 03, 2011

National Average Gas Prices Rocket Toward $4 Per Gallon

PrintNational Average Gas Prices Rocket Toward $4 Per Gallon  

NEW YORK -- With four weeks to go until the unofficial start of summer, and two months to the July Fourth holiday, many U.S. residents are planning their family vacations. However, this year they may not be going as far as they would like -- and gas prices may be too blame.

Just this past weekend gas prices ticked up 3 cents, and that has some predicting prices per gallon will hit the $4 mark at every station across the country this week, as CNNMoney reported. Gas currently averages more than $4 per gallon in 13 states and Washington, D.C.

"We're going to hit $4 this week, nationally," said Tom Kloza, chief analyst at the Oil Price Information Service. "There's momentum to take us there."

Gas prices continued their 45-day streak today, May 3, when the national average price for a gallon of regular gas hit $3.967, according to AAA. That is up from $3.952 on Monday and $3.943 on Sunday. Wyoming has the lowest price per gallon at $3.614. One year ago, the national average for a gallon of regular gas cost a motorist $2.895.

According to Kloza, this past weekend's price jump was a delayed response to deadly storms across the South last week that temporarily knocked out power at some oil refineries along the Gulf Coast, CNNMoney reported. Further compounding the problem, he added, refineries around the Great Lakes have been shut down recently for scheduled maintenance, which put pressure on gas prices across the Midwest.

The sharp rise in gas prices -- which surged 88 cents so far this year -- has been fueled by a rally in the price of crude oil as investors react to the combination of strong global energy demand, instability in the Middle East and a weak U.S. dollar, according to the news outlet.

But all is not grim. Traditionally, gas prices tick up in the weeks leading up to Memorial Day and back off after the three-day weekend. "I do think we'll backtrack from the peak, which we'll probably see sometime in the next two weeks," Kloza said, adding that it is unlikely that prices will hit $5 nationwide.

 








Find Reports & Data

CSNews' 2011 Realities of the Aisle Consumer Study

Consumers are shopping convenience stores slightly more often than they were a year ago, but the nation’s economic doldrums continue to be a drag on spending, according to Convenience Store News’ annual consumer study – Realities of the Aisle 2011.

CSNEWS 2011 Foodservice Study

After reporting a 6.1-percent sales increase in 2010, convenience store retailers expect to generate increased sales and profits from their foodservice operations this year.

CSNews' 2011 Industry Report Study

The convenience store industry had a good year last year. The 13.5 percent total industrywide sales increase was a big improvement over the more than 20-percentage point drop in 2009.

CSNews 2011 New Products Scorecard

The success rates for new items introduced to the convenience store industry last year were down in all seven major product categories tracked in the Convenience Store News New Product Scorecard, but retailers nevertheless increased the number of new items on their shelves and increasingly relied on store associates to make consumers aware of those products.

CSNews 2011 Industry Forecast Study

Although the recession is officially over, consumers in the U.S. remain “mad as hell” and “frustrated” by the slow pace of recovery.



SUBSCRIBE TO E-NEWSLETTER SUBSCRIBE TO E-NEWSLETTER


Today's New Product


Insulated Beverage Dispensers
These stainless-steel insulated beverage dispensers provide greater performance and durability in the coffee, tea and beverage category, the manufacturer stated.
Featured Videos

Loading...
Playlist

View more


Related Videos
Events + Webcasts
Participate in
LIVE and ON-DEMAND
presentations of
convenience store industry research
from your desktop.
Stagnito Media
570 Lake Cook Rd, Suite 310
Deerfield IL 60015
Ph: 224-632-8200
Fax: 224-632-8266

Privacy Policy
Print / Electronic Media
Convenience Store News
CSNews for the Single Store Owner
Progressive Grocer
Progressive Grocer's Store Brands
The Gourmet Retailer
Retail Leader
Marketing Guidebook
Directory of Convenience Stores
Events
Hispanic Retail 360

Custom Media