{"id":407450,"date":"2011-04-29T11:41:00","date_gmt":"2011-04-29T11:41:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/29\/gas-tops-3-90-nationwide\/"},"modified":"2011-04-29T11:41:00","modified_gmt":"2011-04-29T11:41:00","slug":"gas-tops-3-90-nationwide","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/29\/gas-tops-3-90-nationwide\/","title":{"rendered":"Gas tops $3.90 nationwide"},"content":{"rendered":"
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By Ben Rooney, staff reporter<\/span>April 29, 2011: 7:35 AM ET<\/span><\/p>\n

NEW YORK (CNNMoney) — The average price of a gallon of gasoline reached the $3.90 mark Friday, after climbing 2 cents overnight, according to a survey by motorist group AAA.<\/p>\n

With Friday’s boost, gas prices have increased for 38 days in a row. During that time, prices have risen more than 36 cents, a jump of 10%.<\/p>\n

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Prices at the pump can vary widely among states due to a number of factors. More<\/a><\/div>\n<\/div>\n<\/div>\n

While the national average remains 21 cents below the record high of $4.114, gas prices in some U.S. states have already risen to new all-time highs.<\/p>\n

Ohio became the latest state where gas prices now average more than $4 a gallon. Gas prices in the state now average $4.054 a gallon, up a staggering 12 cents from Thursday.<\/p>\n

Gas now averages more than $4 a gallon in nine states and the District of Columbia. But prices remain below the national average in 18 states, with the cheapest prices in Wyoming, where gas averages $3.59 a gallon.<\/p>\n

The recent surge reflects a runup in the price of crude oil, which has spiked above $110 a barrel, up 20% in the year to date. But gas prices are also being driven by seasonal factors, including scheduled maintenance at oil refineries.<\/p>\n

Many states require gas stations to sell cleaner blends of gasoline during the summer months, when Americans do most of their driving for the year. As a result, oil refiners often shut down for a period of time to retool, which can put upward pressure on gas prices.<\/p>\n

While gas prices typically rise at this time of year, many analysts note that prices were already unusually high before the annual runup into the so-called summer driving season.<\/p>\n

That’s because oil prices<\/a> have been extremely volatile, with turmoil in the Middle East and a weak U.S. dollar spurring the rise. In addition, demand for energy has been strong in rapidly expanding economies, particularly China’s.<\/p>\n

Meanwhile, consumers appear to be cutting back on spending as gas prices take a bigger bite out of household budgets.<\/p>\n

Government data released Thursday showed that U.S. economic growth<\/a> slowed in the first quarter to 1.8% from 3.1% in the previous quarter, reflecting pullback in consumer spending and higher prices imported oil.<\/p>\n

The economic pain caused by high gas prices has become politically charged, with officials in Washington calling for an end to federal subsidies for oil and gas companies<\/a>.<\/p>\n

President Obama announced earlier this week that the Justice Department will form a task force<\/a> to investigate possible manipulation of the oil and gas markets. \u00a0\"To<\/a><\/p>\n<\/div>\n

Read more here:
\nGas tops $3.90 nationwide<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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