{"id":282796,"date":"2011-02-26T17:05:08","date_gmt":"2011-02-26T17:05:08","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/26\/gas-prices-surge-17-cents-in-a-week\/"},"modified":"2011-02-26T17:05:08","modified_gmt":"2011-02-26T17:05:08","slug":"gas-prices-surge-17-cents-in-a-week","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/26\/gas-prices-surge-17-cents-in-a-week\/","title":{"rendered":"Gas prices surge 17 cents in a week"},"content":{"rendered":"<p><div readability=\"79.8360044726\">    <!-- PURGE: \/2011\/02\/26\/news\/economy\/gas_prices\/pump_prices.gi.top.jpg --><!-- KEEP --><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/d00eb9c9ices.gi_.top_.jpg\" alt=\"pump_prices.gi.top.jpg\" width=\"475\" height=\"324\" border=\"0\" class=\"cnnstoryImageFull\" \/><!-- \/PURGE: \/2011\/02\/26\/news\/economy\/gas_prices\/pump_prices.gi.top.jpg --><span id=\"fb-recommend\"\/><br \/>\n<span>By Ben Rooney, staff reporter<\/span><span>February 26, 2011: 12:03 PM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>NEW YORK (CNNMoney) &#8212; Gas prices have increased nearly 17 cents a gallon in the past week. And analysts expect prices to continue higher, following a sharp rise in the price of crude oil. <\/p>\n<p>The national average price for a gallon of regular gas rose 4.3 cents to $3.33, motorist group AAA said Saturday. That marks the fourth day in a row that prices have risen, and brings the national average to the highest level since October 2008.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>Gas prices were highest in Hawaii, where drivers paid $3.761 a gallon, on average. Wyoming had the lowest gas prices at roughly, $3.032 a gallon. <\/p>\n<p>Tom Kloza, chief oil analyst at the Oil Price Information Service, said <a href=\"http:\/\/money.cnn.com\/2011\/02\/25\/news\/economy\/gas_price_spike\/index.htm\">gas prices&#8217; 6-cent jump<\/a> reported Friday was the largest one-day increase since at least 2008.<\/p>\n<p>&#8220;This will definitely be the most expensive February ever,&#8221; he said, adding that gas prices are typically lower during the winter months.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>The jump in pump prices follows a surge in prices for crude oil, the main ingredient in gasoline. <a href=\"http:\/\/money.cnn.com\/2011\/02\/25\/markets\/oil\/index.htm\">Oil prices spiked 9% last week<\/a>, a week that included a high of $103 a barrel &#8212; the highest since October 2008.<\/p>\n<p>Analysts expect prices to continue rising over the next few days, since gas prices typically lag trends in the oil market. <\/p>\n<p>The spike in oil last week could translate to an increase in gas prices of 37 cents per gallon in the coming weeks, according Moody&#8217;s Analytics economist Chris Lafakis. He estimates that for every $1 increase in the price of oil, retail gas prices typically rise 2.5 cents a gallon.<\/p>\n<p>Economists warn that an energy price shock could hurt the <a href=\"http:\/\/money.cnn.com\/2011\/02\/24\/news\/economy\/gas_prices\/index.htm\">economic recovery in the United States<\/a>. In general, every $1 increase in the price of oil costs consumers $1 billion over the course of a year.<\/p>\n<p>That&#8217;s concerning because consumer spending makes up the bulk of U.S. gross domestic product, the broadest measure of economic growth. <\/p>\n<p>The government said Friday that <a href=\"http:\/\/money.cnn.com\/2011\/02\/25\/news\/economy\/gdp_revision\/index.htm\">GDP was revised lower<\/a> to an annual growth rate of 2.8% in the three months ending in December. <a href=\"http:\/\/money.cnn.com\/2011\/01\/28\/news\/economy\/gdp\/index.htm\">The initial reading<\/a> had been for a 3.2% growth rate in the period.<\/p>\n<p>Oil prices have been driven higher by political unrest in North Africa and the Middle East, where much of the world&#8217;s oil comes from. Despite the surge in prices this week, the amount of oil that has been taken off the world market has been relatively minimal.  \u00a0<a href=\"http:\/\/money.cnn.com\/2011\/02\/26\/news\/economy\/gas_prices\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/d00eb9c9ices.gi_.top_-150x150.jpg\" \/><\/p>\n<p>Follow this link:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/Yt5Avd0f9cE\/index.htm\" title=\"Gas prices surge 17 cents in a week\" rel=\"noopener noreferrer\">Gas prices surge 17 cents in a week<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> By Ben Rooney, staff reporter February 26, 2011: 12:03 PM ET NEW YORK (CNNMoney) &#8212; Gas prices have increased nearly 17 cents a gallon in the past week. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-282796","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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