Average US gas prices spiked over the last two months, rising 39 cents to $3.74 a gallon. They had been declining steadily since April. Compared to this week in 2011, prices are up 16 cents. Although part of the past week’s price spike was caused by the massive refinery fire in Richmond, CA, it does not account for the national average.
For more information, see our gasoline report.
–from the St. Louis Federal Reserve