Gas Prices Jump 7.7 Cents Since Last Week

Fuel prices dropped in early spring, and for the last 100 days gas prices have been cheaper than they were last year, according to AAA’s Fuel Gauge Report.

In this last week, however, the national average price for gasoline surpassed last year’s cost.

In the Montgomery and Bucks area, gas went up 7.7 cents since last week and about 26 cents since last month. That works out to 7.3 cents higher than last year at this time.

            How do higher gas prices affect your spending?

Prices at the pump have been broadly driven by higher global crude oil prices, due to mixed news for the global economy tensions with Iran, the report states. A favorable jobs report recently also indicated more people are getting jobs now. More employment means more fuel is in demand, and that pushes prices higher, too.

Locally, the cheapest price for regular is $3.66 at Sacchetta Brothers Service Station in Hatboro.

If you spotted a better price, tell us in comments.

8/14/12

WEEK AGO

YEAR AGO

National

$3.702

$3.634

$3.598

Pennsylvania

$3.686

$3.614

$3.620

Montgomery/Bucks area

$3.769

$3.701

$3.696

Lehigh Valley

$3.629

$3.552

$3.540