Gas prices this week continued their steady climb to what the Energy Department predicts will be above a national average of $3 a gallon this spring, and through summer, with the heaviest toll expected on states where fuel takes a bigger chunk out of drivers’ income.
The U.S. average price for regular gasoline was at $279 per gallon this week, up $0.88 from a year ago at this time and the highest level since October 2008. The cumulative increase in the past four weeks has been18 cents per gallon, according to the Energy Department.
In today’s update by the American Automobile Association, the average price of regular nudged a bit higher to $2.81 per gallon, compared to $2.61 a month ago and $1.93 a year ago.
California is already seeing the $3 level, registering the highest average for regular at $3.09 per gallon, the AAA reported today.
Most analysts predict the $3 per gallon national average will be reached this Spring, which is traditionally when more Americans drive longer distances, peaking during the vacation months of summer.
A study commissioned by the Natural Resources Defense Council shows that some states are more vulnerable to oil price increases than others, and drivers in those states will be hardest hit by another spike in fuel prices.
Drivers in Mississippi last year spent more than 6 percent of their income on gasoline, while those in Connecticut and New York spent about 4.3 percent. Mississippi drivers could see their gas portion of expenditures soar to 11 percent with another spike to more than $3 a gallon, the study says.
The 10 most vulnerable states are (from most to least): Mississippi, Montana, Louisiana, Oklahoma, South Carolina, Kentucky, Texas, Maine, Georgia and Idaho. The 10 least vulnerable states are (from most to least): Florida, Washington, Pennsylvania, New Jersey, Colorado, New Hampshire, Maryland, Massachusetts, New York, and Connecticut.
“And the wallets and pocketbooks of drivers in those vulnerable states will be particularly hard hit in the event of another spike in the price of gasoline, which is one of the economic risks we face because of our oil dependence,” the Council’s report concludes.
