Pain at the Pump: A Closer Look at Gas Prices - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

Pain at the Pump: A Closer Look at Gas Prices

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From ND AAA:

While North Dakota drivers are paying the highest gas prices for this date since 2008, the average price for a gallon of regular unleaded for the first six months of the year is the lowest since 2010. Today’s average is $3.67 while the average price over the last six months was $3.46.

•  The July 1 averages in North Dakota in previous years: $3.63 (1013); $3.53 (2012); $3.56 (2011); $2.81 (2010); $2.68 (2009); $4.02 (2008).

•  The first-half averages in North Dakota in previous years: $3.64 (1013); $3.58 (2012); $3.56 (2011); $2.84 (2010); $2.12 (2009); $3.42 (2008).

The North Dakota monthly average price of gas in June was $3.62, the highest average for any month since June 2013. Last year gas prices averaged $3.86 in June as prices recovered from record highs set in late May.

AAA does not believe gas prices will have a significant impact on the number of people traveling, but it could result in some consumers cutting back on dining, shopping or other trip activities. AAA predicts 41 million Americans will travel (34.8 million by car) during the holiday weekend. AAA’s full Independence Day forecast can be found here.

North Dakota gas prices have increased by an average of 13 cents per gallon in July during the previous three years as strong summer demand pushed up prices. July is typically the second busiest month of the year on the nation’s roads behind August. Last year Americans drove a total of 263.2 billion miles in July.

Today’s statewide average price of gas is $3.67 per gallon, which is a penny higher than a week ago. Gas prices nationally have stopped increasing and have remained relatively flat. The conflict in Iraq is unlikely to send gas prices significantly higher unless there are major developments in Baghdad or in the southern oil producing regions. Hurricane season is another wildcard that may impact oil and gas prices in the coming months.
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